Monday, May 20, 2024

The UAE Central Bank is investigating the situation of the Russian “MTS” Bank after the US sanctions

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Russian MTS Panem (Reuters)

Emirates Central

Central Bank: We will take appropriate decision in this regard then

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The Emirates News Agency reported on Friday that the Central Bank of the United Arab Emirates is examining available options regarding the new status of the Russian “MTS” bank, which was licensed to operate in the country last year.

A Russian bank was included in the new set of sanctions announced on Friday.

“The central bank is currently examining the available options regarding the status of the new bank and will take an appropriate decision in this regard at that time, taking into account the liabilities incurred by the branch in the earlier period,” the agency said. .

The UAE Central Bank granted MTS Bank a license to open a branch in Abu Dhabi after the bank met the criteria for licensing branches of foreign banks.

The company said the bank contributed to supporting legitimate trade between the two countries and serving the Russian community in the UAE under the supervision of the central bank.

The Central Bank of the United Arab Emirates reviewed its anti-money laundering and combating the financing of terrorism policies, and audited relevant electronic systems prior to the opening of branch operations in the United Arab Emirates, in line with the banks’ licensing requirements. Based on the circumstances of the conduct of business and the bank’s headquarters crossing the country, the central bank supervised transactions related to financial trading that exceeded a certain threshold.

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On February 8, the “Financial Times” newspaper quoted officials who explained the decision to grant a license to a Russian bank in the United Arab Emirates, saying that the UAE Central Bank’s decision to grant a license to a Russian bank was not subject to it. The sanctions would (at the time) meet the growing demand for financial services for Russian expatriates.

“It’s about the feasibility study and the number of Russians currently living in the UAE,” an official said.

After the war on Ukraine many Russians left their country to escape military service, but many of them complained about the inability to open bank accounts in the countries they visited.

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Bill Dittman
Bill Dittman
"Freelance alcohol fan. Coffee maven. Musicaholic. Food junkie. Extreme web expert. Communicator."

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