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