[patrakov]

Well - right now, the sanctions punish those who emigrated (e.g. me). I had trouble opening even a personal bank account in the Philippines, allegedly "because of EU sanctions" (c'mon, when did the Philippines join the EU?), will retry in a different bank. Inability to open a bank account is a major obstacle for starting a business.

[native_samples]

Common story. Some of the people who fled Russia to the west to avoid supporting the war got totally screwed. When they arrived their credit cards and bank access stopped working so they couldn't pay for anywhere to live, they cannot get visas etc, nobody wants to hire Russians and oh, yes, also cannot easily return home. The Russians who stayed and continued paying taxes? No problems.

Governments like the idea that they can fix things via market interventions but it never quite seems to work out how they intended.

[jhugo]

Yeah, they're an incredibly blunt tool.

I'm not in PH but in the region, and know a few recent Russian émigrés here. They've eventually been able to open an account after trying a few banks. The banks are concerned about unknowingly dealing with a sanctioned person or business, and consequently having trouble with their access to EU and US banking systems. Banks in PH in particular often do a lot of US business, you may consider looking for a bank that does not (e.g., banks dealing more with China).

[MomoXenosaga]

That's because it was a common strategy of the KGB to set up companies in the West. "Dissidents" were often moles.

It sucks but until you somehow prove your loyalty expect to be met with suspicion. Banks don't want to carry the risk if they can avoid it.

[jhugo]

The banks are unlikely to be thinking about moles. They're just trying to minimise the risk that they accidentally deal with a sanctioned person/company or a front for one.