The US Mercury Bank has amended its policy, according to which it refuses to service accounts of legal entities whose founders are located in Ukraine, according to a message released by Mercury on social networks.
“While Ukraine is not subject to comprehensive sanctions, several regions of Ukraine have been sanctioned. We have previously utilized a regional model to support as many customers in Ukraine as possible; however, maintaining this policy while meeting our strict compliance standards has become increasingly challenging. We will continue to review this policy and hope to be able to modify it in the future,” the bank said in a statement to a client inquiry.
In Mercury clarified that the initial message that the bank refuses to serve and companies with founders with Ukrainian passport residing in the U.S., was erroneous.
On July 22, Petcube CEO Yaroslav Azhnyuk reported about the receipt of such a letter refusing to open accounts for applicants with passports of such countries as Belarus, Cuba, Iran, North Korea, Russia, Syria, Ukraine, Venezuela, regardless of their physical location. According to him, Ukrainian customers will have full access to their accounts until August 6, and already on August 13 their accounts will be closed.
However, in comments to the post, users published a screenshot of Mercury’s response on Linkedin, where the bank points out an error in its own statement, and says that these restrictions do not apply to Ukrainians living in the United States.
“We have always allowed (and continue to allow) customers with Ukrainian passports based in the US to use Mercury – we simply cannot support companies with founders based in Ukraine today. We apologize for the confusion caused by this error”, – stated in the message.
In turn, the Ukrainian ambassador to the United States, Oksana Markarova, reacted to the situation by asking to forward to her Mercury Bank’s letters to Ukrainian clients with permission to explain the situation.
