Schengen Visa News

European Countries Limit Issuance of Golden Passports for Wealthy Russians

Wealthy citizens of Russia will no longer benefit from the issuance of golden passports, which allow them to invest in a country in exchange for citizenship after governments across Europe agreed to limit the granting of passports to Russians due to the latter’s invasion of Ukraine.

Golden passports also allow their holders and their family members to move freely within the Schengen area countries.

In addition, along with European countries, the United States, the United Kingdom and Canada have announced that they will limit the sale of golden passports to wealthy Russian individuals.

This decision was confirmed by a statement published by the European Union Commission:

“We are committed to taking action to curb the sale of citizenship – so-called golden passports – that allow wealthy Russians connected to the Russian government to become citizens of our countries and gain access to our financial systems,” the statement published by the EU Commission reads.

Western leaders’ response comes as part of the restrictive financial measures imposed on Russia after the latter’s massive invasion of Ukraine on February 24.

According to European Commission President Ursula von der Leyen, the measure aspires to “paralyze Putin’s ability to finance his own war machine”.

Putin has set out on a path aimed at destroying Ukraine. She noted in this regard, as reported from the inside.

Among other sanctions imposed on Russia, too, was the expulsion of some Russian banks from the Swift banking system.

The Russian invasion of Ukraine led to a large number of European countries closing their airspace to Russian air traffic. recently reported that Ukraine’s neighboring countries, namely Poland, Moldova and Romania, have imposed a ban on Russian airlines.

In addition, the Baltic states, Latvia, Lithuania and Estonia have also banned Russian airlines from their airspace, urging other countries to take similar measures.

In this regard, the President of the European Commission, Ursula von der Leyen, stressed that the member states of the European Union will close their airspace to Russian aircraft.

Italy, Spain, Germany, France, Portugal, Norway and Finland also imposed bans on airlines from Russia.

According to a Finnair spokeswoman, a similar countermeasure by the authorities in Russia would seriously harm the state company Finnair.

A Finnair spokeswoman stressed, as reported by Reuters: “If Russia in parallel closes its airspace from Finnish aircraft, this will have a significant impact on Finnair as our Asian movement will practically cease.”

Besides the above countries, the UK, Bulgaria, Slovenia and the Czech Republic have also closed their airspace from Russian aircraft.

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