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In the UAE, banks limited transactions with the Russian Federation and began closing accounts

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The Moscow Times said it is now almost impossible to open an account at the UAE’s biggest bank.

Banks of the United Arab Emirates, following the credit institutions of Turkey and China, limited transactions with Russia and began to close the accounts of companies and individuals. This was reported by the Moscow Times.

Representatives of the public organization Business Russia noted that banks in the UAE are not accepting money from Russia and are closing accounts.

Difficulties began even before the US law on secondary sanctions was released in December 2023, which greatly influenced the policies of Turkish and Chinese banks towards clients from Russia, the publication’s interlocutors note. However, until now, the second-tier banks of the UAE have remained more loyal to Russian clients if they are willing to purchase additional services or increase their account balance.

It is now almost impossible to open an account with the largest bank in the UAE. However, you can negotiate privately with your personal manager, but before the first review, the media writes.

The ruling regime of the Russian Federation is aware of the problem with UAE banks, but considers it not critical, a source in the Russian Cabinet of Ministers told reporters.

As we have already written, in December last year the government of Cyprus ordered the banking sector of the island to stop all transactions in the ruble. The investigation into cases of Russians evading international sanctions with the involvement of Cypriot companies is ongoing.

The Republic of Cyprus became the thirtieth state to support security guarantees for Ukraine.

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Source: korrespondent

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