Edward Marchesi Since mid-October, Maldives accommodation providers have been facing an unprecedented situation: payments made by Russian travelers have been rejected or returned by banking authorities. The decision, taken by the Bank of Maldives , has directly affected hoteliers' ability to confirm reservations and has created tensions in the trade relationship between the two countries.
According to available information, the blockage began on October 18, and by the first week of November, the total value of rejected or canceled transfers exceeded $2 million . Some of the rejected transfers originated from foreign third-party entities acting as intermediaries, increasing the complexity of the case and making it more difficult to pinpoint specific responsibilities.
Bank of Maldives refuses Russian payments
The Bank of Maldives announced that it has added Russia to its list of countries subject to money transfer restrictions, in accordance with international regulations. This measure means that both inbound and outbound transactions related to Russia will no longer be processed , leaving travelers unable to settle their hotel expenses.
Refund volume and role of intermediaries
Industry bodies report that, as of November 6, the total amount of withheld payments has reached approximately $2 million . The presence of foreign intermediaries in the transactions further complicates banking procedures, as authorities need to verify the origin of the funds before authorizing their transfer.
Impact on Russian tourists and travel operators
The ban had an immediate impact on travelers: in several cases, guests were forced to pay a second time upon arrival or, in the most extreme cases, to leave the hotel due to a lack of accepted funds. Russian operator Dmitry Arutyunov highlighted that agencies had to absorb repeated bank charges, leaving hotel services on hold.
According to available data, Russia is the second largest source of tourism to the Maldives, behind China, accounting for 14,3% of all arrivals: 258.100 visitors were registered between January and October . The average price of a package holiday is around 585.600 rubles (about $7.000), making the destination one of the most profitable for Russian agencies specializing in luxury travel.
RST's diplomatic requests
Faced with the crisis, the Russian Union of Travel Industry (RST) has made a series of requests to the authorities: the Russian Minister of Economic Development and the Russian Ambassador to Sri Lanka and the Maldives have been asked to initiate consultations with the Maldivian government. Artur Muradyan, a member of the RST board of directors, emphasized the need to understand the rationale behind banking policy and ensure timely payments for hotel services.
Russian authorities have confirmed they are preparing a formal communication to the Maldives Ministry of Tourism and the country's embassy in Moscow, while the two central bankers are expected to hold talks to resolve the issue. Industry operators warn, however, that if the issue is not resolved quickly, they will be forced to reconsider their investments and promotion of the destination, putting a significant portion of the luxury tourism market at risk.