UAE revokes license for Russian MTS bank branch that has been sanctioned

UAE

Despite criticism from the West, the UAE, a member of the OPEC+ oil cartel that also includes Russia, has so far maintained positive relations with Moscow.

The Russian MTS bank, which was the target of sanctions imposed by the United Kingdom and the United States in February, had its license revoked by the central bank of the United Arab Emirates, which made the announcement on Friday.

Under the supervision of the UAE central bank, operations at the bank's UAE branch, which holds an emirate of Abu Dhabi license, will be shut down within six months.

According to a statement from MTS Bank, it will fulfill all settlement obligations to current clients and provide a six-month safety guarantee for their money.

"This decision comes after examining the potential possibilities for the new status of the MTS Bank and taking into account the sanctions risks associated with the bank," the UAE central bank stated in a statement.

The branch would not be permitted to conduct transactions or open new accounts throughout the winding-down process, with the exception of paying off earlier debts, for which it will be permitted to use the payment systems of the central bank, it said.

Despite demands from the West to assist isolate Russia over the invasion of Ukraine, the UAE, a member of the OPEC+ oil alliance that also includes Russia, has maintained positive relations with Moscow. International sanctions against Russia have not been matched by it.

Since the start of the conflict in Ukraine, a significant number of Russians have sought refuge in the UAE. U.S. representatives have traveled to the UAE to speak with regulators there, particularly the central bank, about how crucial it is to crack down on sanctions evasion.

A larger set of penalties against 200 entities and people were announced in February on the first anniversary of Russia's invasion of Ukraine. One of the targets was MTS Bank, a fintech business of Mobile TeleSystems, the biggest mobile operator in Russia. 

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