Bank of Maldives rejects and returns funds related to Russian tourist bookings

Bank of Maldives (BML) has begun returning funds related to hotel bookings by Russian tourists, creating difficulties for one of the country's largest tourism markets. According to a report by Russian media outlet RBC on November 9, this issue was revealed by the Russian Union of Travel Industry. Tour operators first faced this problem on October 18, with funds sent for hotel reservations being returned by the bank. In some cases, the bank has also rejected funds sent by legal entities from other countries instead of Russian companies. The industry association stated that under Bank of Maldives' current practice, regardless of which entity sends the money, the bank treats any fund sent to accommodations used by Russian tourists as a transaction related to Russia. The association has sought assistance from Russia's Ministry of Economic Development and the Russian Embassy in the Maldives to find a solution. Due to the rejection of funds, tour operators have incurred additional expenses, and there are fears that tourists may face difficulties checking into hotels. Bank of Maldives confirmed it will not proceed with financial transactions related to Russia, citing its current policy. Maldives Minister of Tourism and Civil Aviation, Mohamed Amin, noted that over 198,000 Russian tourists visited the Maldives from January to August, representing about 15 percent of total arrivals, and estimated around 300,000 Russian tourists would visit by year's end.