Bank of Maldives (BML) stated tonight that the bank has not brought any changes to sending money to Russia and receiving money from that country.

BML's Public Relations Manager Mohamed Saeed stated in a post on X that the bank had made no changes to its arrangements for sending or receiving money to and from Russia, and the claims that the bank had suspended such transactions as false and contrary to the facts.

Saeed stated that the bank has not shared any statement or information regarding the matter with any media.

"Bank of Maldives has not established a specific special policy to block money sent from Russia or financial transactions related to that country," Saeed stated.

Saeed said that, like other banks, BML relies on international correspondent banks to process foreign currency transactions, particularly those involving US dollars.

He said correspondent banks operate under their own measures and compliance policies, which include screening the parties involved in transactions and identifying their ultimate beneficiaries.

Saeed stated that it is possible for correspondent banks to not accept or to send back transactions that fall under such policies, and since the full discretion to make such decisions lies with the correspondent banks, BML has to comply with those decisions.

Saeed said the bank believes that the spread of such false reports could negatively affect the Maldives’ tourism industry and economy.