Closure of a Russian Bank in the UAE Due to US Sanctions

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Closure of a Russian Bank in the UAE Due to US Sanctions

Closure of a Russian bank in the UAE due to US sanctions

MTC Bank, which received a license to operate in the UAE last year, was among approximately 200 entities and individuals sanctioned by the US last month, coinciding with the first anniversary of Russia’s attack on Ukraine.

The Central Bank of the United Arab Emirates announced today, Friday, that it has decided to revoke MTC Bank’s operating license and close its branch in Abu Dhabi within six months.

It is stated that this decision was made following a review of the new status of this bank and the sanction-related risks associated with it.

The Central Bank of the United Arab Emirates says that during the six-month period for closing this Russian bank, opening new accounts and conducting any financial transactions, except for settling previous obligations, will be prohibited.

The government of the United Arab Emirates has taken an almost neutral stance on the issue of Russia’s attack on Ukraine, and after the attack, thousands of Russians relocated to the United Arab Emirates.

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