March 30, 2023

Dubai Week

Complete Dubai News World

The UAE issued a clarification on US sanctions targeting a Russian bank in Abu Dhabi

The company saidBloombergNew U.S. sanctions against Russia, which coincide with the first anniversary of its invasion of Ukraine, send a signal to allies that Washington will begin taking tougher measures against sanctions evasion.

According to the agency, the new round of sanctions and export restrictions includes more than 250 individuals and companies, including MTS Bank, which has branches in Moscow and Abu Dhabi.

According to Bloomberg, the UAE Central Bank granted Russian bank MTS a license to operate in the Gulf state last year.

According to Betterhomes, thousands of wealthy Russians also flocked to the emirate after Ukraine invaded it, as Russians were the biggest buyers of real estate in Dubai last year.

On Friday, the White House announced tougher sanctions against Russia, aimed at hitting its economy and limiting access to sensitive technologies such as semiconductors.

The White House said the sanctions, which target sectors such as banks and the defense industry, would affect “more than 200 people and organizations that support the Russian war effort, including Russian actors and third countries across Europe, Asia and the Middle East.”

On Friday, the US Treasury announced new sanctions against Russia, specifically targeting banks, companies and individuals in the minerals, mining, military equipment and semiconductors sectors, and sued Switzerland, Germany and more than 30 individuals and companies. Other countries have helped Moscow finance its war on Ukraine, which has entered its second year.

In addition, the White House said nearly 90 companies in Russia, China and other countries will be added to the Commerce Department’s list of companies to avoid sanctions.

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These lists are intended to prevent targeted companies from purchasing semiconductors, software or other technology manufactured in the United States or with US intellectual property.

Media reports indicate that Russia is shipping consumer goods through third countries to keep its equipment and weapons systems from collapsing.

Emirati description

After MTS was subjected to US and British sanctions, on Friday, the Central Bank of the UAE issued a statement clarifying the new situation of this Russian bank.

He said he was examining the current options on the status of the new bank and, as he said, “will make an appropriate decision on this.” Quoted Emirates News Agency (WAM).

The UAE Central Bank confirmed in a statement that the license granted to the Russian bank “after the bank met the criteria for licensing foreign bank branches” “contributed to supporting legitimate trade between the two countries and serving the Russian community”. UAE under the supervision of Central Bank.

The statement said: “The central bank reviewed its anti-money laundering and combating the financing of terrorism policies and examined its electronic systems in line with the requirements for licensing banks before opening branch operations in the UAE. Based on the circumstances of the United Arab Emirates and the bank’s headquarters passing through the country, Ashraf Central Bank’s financial trading transactions exceed a certain threshold.