In the past, the bank served large oil trading operations, and also opened a separate division to work with wealthy Russians. Under US pressure, the policy changed.
Dubai’s main state-owned bank, Emirates NBD, closed its Russian branch, as well as a large number of large accounts in Russia (over $5 million) or those linked to sanctioned individuals. In addition, the bank stopped accepting ruble transfers and payments, reports The Moscow Times.
According to the publication, the bank used to work actively with the Russians – it served large oil trading operations, and also opened a separate division for cooperation with wealthy Russians. However, after representatives of the US Treasury and State Departments visited the country and included in the sanctions list some local companies that traded Russian oil in violation of the price ceiling, Emirates NBD’s policy began to change . In addition, the bank was influenced by the US Treasury to receive expanded powers to punish foreign banks whose activities contribute to the evasion of sanctions and the work of the Russian military-industrial complex.
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Let’s remember that Dubai became one of the main channels of financial communication with the outside world for Russian business after the introduction of large-scale sanctions for the aggression in Ukraine. Now, under US pressure, this window is beginning to close: UAE banks, following credit institutions in Turkey and China, have limited negotiations with Russia and have begun closing accounts of companies and individuals. It is known that the large oil trading network Rosneft, Uralkali and billionaire Ivan Tavrin, who became the largest buyer of assets of foreign companies that left Russia, were hit.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.