Tour Companies Ask for Government Support After Largest Bank in Maldives Rejects Russian Payments
The Bank of Maldives began returning payments made by Russian tourists on Oct. 18, with an estimated total volume of delayed or returned payments reaching $2 million.
Maldives' largest bank, Bank of Maldives, has ceased processing payments for Russian tourists since late October, causing hotels to turn them away. The Russian Union of Tourism Industry (RST) has requested intervention from Russia's Economic Development Ministry and Russia's ambassador to Sri Lanka and the Maldives. The issue has resulted in $2 million worth of payments being held up by Bank of Maldives, forcing hotels to ask guests to pay again for their stay or refuse accommodation.
The payment problems have specifically affected businesses, with hotels ultimately accommodating tourists after they pay a second time. Bank of Maldives confirmed it does not process money transfers connected to or related to Russia due to a policy requiring restricted access to such transactions. The Maldives is among the top 10 destinations for Russian tour operators, with tours to the islands accounting for a small share of bookings but a high average cost per vacation.
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