Ebru Tuncay, Orhan Coskun

ISTANBUL, (Reuters) – Newly arrived Russians are having trouble making deposits or transfers to banks in Turkey that take a cautious and sceptical approach to avoid violating Western sanctions against Moscow.

According to Reuters, four Turkish bankers and two Turkish officials said that private lenders resist some customers’ requests and run others through more compliance layers in an effort to make sure they are following international and domestic laws.

This frustrates some Russians arriving in Turkey after Moscow invaded Ukraine three weeks ago. Many have large sums of money. Numerous Russians fled their homeland to protest the war, or avoid any new restrictions on Russia. Most of them arrived in Middle Eastern and Caucasus nations.

In Istanbul, at least six Russians claimed that it was difficult for them to bank basicly. It is due in part to Visa (NYSE ) and Mastercard’s (NYSE ) suspension of operations as part U.S. sanctioned meant to punish Vladimir Putin for his invasion.

“I was able bring in dollars from Moscow to trade here. Filipp Chekhunov from Russia, who is an animator and has recently arrived in Istanbul.

Many Russians are looking for ways to save money on things such as accommodation. They have opened accounts at local banks and deposited funds there. This is because Turkey has strong ties to Moscow and opposed the NATO sanctions.

AVOID!

Despite not having to face any additional hurdles as foreigners, middle-class Russians have had difficulty visiting banks branches.

According to a senior banker speaking on condition of anonymity, “especially the private banks are very cautious regarding new Russian deposits and they are afraid of sanctions,” added a confidential source. The industry’s “know-your-customer” method of verifying clients identity is vital.

The person stated that the problem was not with opening an account, but how the money will come to you and what happens if there are sanctions. Banks take great care when opening new accounts.

BDDK’s banking official said that authorities and financial establishments are following closely the Russian sanctions. It told Reuters that it did not know of any directives to restrict citizens from any country not included in sanctions.

The exact number of Russians who have entered Turkey since the invasion began is not known.

Inability to use Visa or Mastercard overseas has led to demand for Mircard, a home-grown payment system that works in Turkey and Armenia as well as Vietnam.

Many Russians living in Istanbul were seen paying their restaurant and hotel bills using Turkish lira. It is cheap because it has fallen more than any other emerging currency.

Chekhunov, a Moscow native, said that “I only have money.”