In practice
You cannot run a business without a bank account. Without one, you cannot pay salaries, taxes or invoices. Yet banks regularly close business accounts, sometimes without the customer having done anything wrong. The bank simply considers your sector, your country or your customers too risky. Then a letter arrives: your account will be closed in three months.
That is exactly what happened to Gazprom International Projects. This Dutch company is part of a Russian group, but it was not itself subject to sanctions and had made no suspicious payments. ING nevertheless sought to close its account. Gazprom took the matter to court and, on 19 October 2026, won.
A Russian company, so nothing to do with you? Think again. ING did not terminate the relationship because of anything Gazprom had done, but because of who Gazprom is. Banks use the same reasoning to close the accounts of, for example, car dealers, cash-intensive businesses, companies trading with countries outside the EU, or Dutch private limited companies (BVs) with a foreign shareholder. The rules the court applied hold for every business customer. And if even a company belonging to a Russian group is allowed to keep its account, that sends a clear signal to any business owner who receives a termination letter.
The legal point
A bank is entitled to end its relationship with a customer; the General Banking Conditions (Algemene Bankvoorwaarden) say so. But that freedom has limits. A bank owes its customers a duty of care, which means it must take into account your interest in having an account. If terminating the relationship would be unreasonable in your case, the bank may not do so.
In this case, both sides had a great deal at stake. Gazprom had approached 15 banks, none of which would take it on as a customer. Without an account, it could not pay the Dutch Tax Administration. ING also had a point. The bank did not want to be associated with Russian parties, and all the required checks cost considerable time and money.
The court did not need to decide whose interest prevailed. Instead, it looked to new legislation. From 1 January 2027, businesses are expected to gain a right to a basic business payment account. This right will apply to EU companies registered with the Netherlands Chamber of Commerce (KVK). A bank will then only be able to refuse such an account on a ground set out in the legislation, for example a risk of money laundering, or where the business already has an account.
Gazprom would therefore be able to apply for a new account shortly afterwards, with a reasonable chance of success. In those circumstances, closing the account now would serve no purpose. ING must keep the account open until Gazprom has found another bank.
What does this mean for businesses?
Has your bank sent you a termination letter? Do not simply accept it. You have more rights than you might think, and those rights are about to become stronger.
Bear in mind, however, that neither the new legislation nor this judgment is a free pass. A bank may still refuse you or end the relationship if it has a valid legal ground for doing so.
If your bank has given notice, keep looking for another bank yourself, and keep a record of which banks you have approached and how they responded. You will need that evidence in court if you are unable to find a new bank.
Questions for entrepreneurs
Consider whether any of the following apply to you:
- Has my bank sent me a termination letter, or is one likely?
- Do I know why the bank wants to end the relationship? Is it because of me, or because of my sector or country?
- Have I signed anything agreeing to the closure of my account?
- Can I show which banks have turned me down?
- What would happen to my business if my account were closed tomorrow?
In any doubt? Do not wait until the last day of the notice period. The sooner you act, the more options you have.
In conclusion
Your bank cannot simply leave you out in the cold. The courts will take your interest in having an account into account, and from 2027 you are expected to have a statutory right to one as well. That applies not only to a company like Gazprom, but to every business. Knowing this puts you in a stronger position
Contact
Has your bank closed your account, or is it threatening to? Call us on +31 20 800 64 00 or email info@acginter.com.
