Tour Companies Ask for Government Support After Largest Bank in Maldives Rejects Russian Payments

Nov. 9, 2026 bankofmaldives.com The Russian Union of Travel Industry (RST) said Monday that it requested the government to hold talks with authorities in the Maldives after the island nation’s largest bank began rejecting payments made by Russian tourists. The Bank of Maldives began returning payments on Oct. 18, with an estimated total volume of delayed or returned payments reaching $2 million. Some of the rejected payments originate from foreign third-party entities acting as middlemen. RST said it appealed last Friday to Russia’s ambassador in Sri Lanka and the Maldives, as well as a senior Russian Economic Development Ministry official, to “hold consultations” with Maldivian officials on the matter. “Industry players need to understand what drives this approach and how to ensure timely payment for hotel services,” RST board member Artur Muradyan said. Russian travel operators are forced to absorb repeated bank transaction fees while leaving hotel stays unpaid, RST executive Dmitry Arutyunov said. In several cases, Russian tourists were forced to pay twice for their rooms upon arrival or face eviction. Russia represents the second-largest source of incoming foreign tourism to the Maldives after China, according to the Kommersant business newspaper. Russian tourists made up 14.3% of all arrivals, with 258,100 visitors between January and October of this year. Travel agencies in Russia see the Maldives as one of the most profitable luxury destinations. The average booking price is around 585,600 rubles ($7,000) per package. Still, industry leaders have warned that Russian tour operators will be forced to reconsider their investments and promotion of the island nation if the banking issue remains unresolved. Read more about: Tourism Sign up for our free weekly newsletter Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview Subscribers agree to the Privacy Policy We sent a confirmation to your email. Please confirm your subscription. A Message from The Moscow Times: Dear readers, We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent." These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia. We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help. Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact. By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us. Once Monthly Annual Continue Not ready to support today? Remind me later. × Remind me next month Remind me Thank you! Your reminder is set. We will send you one reminder email a month from now. For details on the personal data we collect and how it is used, please see our Privacy Policy. Read more Russians Flock to Belarus for Sanctions-Free Shopping Tourism The demand for tours to Russia’s ex-Soviet ally has been unexpectedly high since the invasion, according to travel agents. Russia Launches Tourist Route to Putin's Vacation Spots The 1,200-kilometer route stretches across Siberia, where Putin often takes highly publicized holidays. Crimea Tourism Industry Hit by Ukraine War Disruption Russian tourists are canceling holiday bookings because of travel difficulties and safety concerns. How Russia Got its Michelin Stars Getting a Michelin Guide is the biggest thing to happen to Moscow restaurants in a century.