The prerequisite for complex financial transactions for Russian business in the UAE is the US sanctions affecting Russian banks.
United Arab Emirates banks tightened control over transactions related to Russian companies. The Foreign Intelligence Service of Ukraine reported this on Sunday, December 15.
This move resulted in delays and refusals in the Russian Federation to make cross-border payments. The change in UAE policy actually supports similar measures by the Chinese authorities.
The reason for the complication of financial transactions for Russian business in the UAE is the US sanctions affecting Russian banks. The threat of the second sanction forces the financial institutions of the PRC and the UAE to reconsider their schemes of contact with the Russian Federation, which complicates its foreign economic activities.
In addition, UAE banks began to strongly refuse transactions related to the purchase of electronics, server equipment, IT services and industrial equipment.
Additional pressure is being created by Chinese financial institutions, which have also increased checks on payments coming from the UAE, India and the special administrative region of China – Hong Kong. The purpose of such tests is to identify possible connections with the Russian Federation.
Let’s recall that it became known that the Bank of the United Arab Emirates, which is one of the main anti-sanction “hubs” of Russian business abroad, has significantly increased the checks of payments of Russian companies.
It was previously reported that Google Play will block payments in Russian-related applications.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.