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UAE Banks Suspend Transfers from Russia


UAE Banks Suspend Transfers from Russia

Russian economic newspaper Vedomosti: UAE suspends transfers from Russia, closes accounts

In the news of Vedomosti, one of Russia’s leading economic newspapers Major banks of the United Arab Emirates (UAE) have begun to impose restrictions on working with Russian customers due to the risk of secondary sanctionsspecified.

According to the news, UAE banks have suspended accepting money from Russia and making transfers to Russian customers. On the other hand, according to the news reported by Turkrus; Credit institutions also started to close the bank accounts of companies whose owners are Russian citizens.

Vedomosti Newspaper announced this news, citing Russian businessmen, tax and legal consultants, as well as representatives of the business organization Business Russia. According to business representatives, the problems with UAE banks began, albeit at a low level, long before US President Joe Biden issued a decree on secondary sanctions in December 2023.

The Russians experienced difficulties throughout 2023, but the problems have seriously intensified since September. According to the sources consulted by the newspaper, it has become almost impossible for Russian companies to open accounts.

Yesterday, Russia’s Ambassador to Ankara, Aleksey Yerhov, expressed his concerns about the problems with bank transfers between Russia and Turkey and stated that the diplomatic mission is actively working with Turkish authorities to prevent negative consequences on the foreign economic activities of both countries. UAE Transfers from Russia


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