- Government intervention sees tens of thousands of Ukrainian refugees’ access banking services in the UK
- Basic bank accounts offer fee-free accounts allowing users to send and receive money, helping people to build their lives here
- News falls one-year since Russia’s illegal and barbaric invasion of Ukraine as UK government confirms its support will not waiver
TENS OF THOUSANDS of Ukrainian refugees have been able to access banking services in the UK thanks to government action, data released today shows.
Basic bank accounts, which the nine largest UK lenders have been required to provide since 2014, allow people with a limited credit history to access and carry out everyday banking, widening people’s access to the financial system and the wider economy. The accounts do not offer overdrafts, ensuring people do not get into unaffordable debt.
A year on since Putin’s barbaric invasion of Ukraine, the UK has granted more than 215,000 visas to refugees of the war, under our Homes for Ukraine and Ukraine Family Schemes
Following the invasion, the government brought together UK basic bank account providers, ensuring fast action was taken to remove the barriers to opening UK bank accounts faced by Ukrainian nationals, such as the lack of a conventional ID.
This has already helped more than 70,000 people to build their lives more easily in the UK by enabling them to receive their income, send money, and pay for goods.
Economic Secretary to the Treasury, Andrew Griffith said: “We will continue to help as many Ukrainian refugees as possible access the banking services they need to build a life here – and I’d like to thank UK banks and building societies for their support to date.
“A year on from the invasion, Putin should be left in no doubt that the West will not waiver in its support for Ukraine and its people.”
The UK government has been working with its international allies to punish Putin and his cronies for their illegal invasion of Ukraine, while supporting the Ukrainian people and its government.
This includes sanctioning more than 1,200 individuals and 120 entities, including striking the heart of the Kremlin by sanctioning Putin himself, along with his closest associates.
The UK has also committed £4.6 billion of military support by the end of 2023, supplying 10,000 anti-tank missiles, almost 200 armoured vehicles, 2,600 anti-structure munitions, and almost 100,000 rounds of artillery.
And we are also a leading bilateral humanitarian donor, having committed £220 million in assistance.
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