Banks in the United Arab Emirates create special departments to work with wealthy clients from Russia and attract employees of Russian financial institutions. The Wall Street Journal notes that Emirati banks after the spring of 2022 faced an influx of wealthy clients from Russia and several thousand accounts have already been opened for them.
Financial institutions in the United Arab Emirates began luring employees of Russian banks into their jobs to work with wealthy clients from Russia. The Wall Street Journal writes about this, citing its own sources.
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Several banks, notably Emirates NBD and the former Abu Dhabi Bank, are setting up dedicated departments to deal with wealthy Russian clients, the newspaper said.
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After the spring of 2022, UAE banks faced an influx of customers from Russia and opened several thousand bank accounts for them, the WSJ emphasizes. However, they do not work with clients who are under sanctions, so as not to spoil relations with US banks, an Emirati official told the newspaper.
Author:
Kirill Bilyk
Source: RB
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