Large banks in the United Arab Emirates limit their work with Russian clients due to the risk of secondary sanctions. They began to close accounts of companies and individuals and refuse to make payments to the Russian Federation, writes Vedomosti.
Banks do not accept money from Russia and do not send payments in the opposite direction. According to Business Russia, credit institutions are closing accounts of companies owned by Russians, even “for opaque reasons.”
The publication’s interlocutor said that the problems began even before the president made the presidential announcement about secondary sanctions. According to him, last year there were difficulties and in the fall there was a wave of “purges”, at which time the banks “had an indicative reduction in the number of accounts with Russian passports.”
- Previously, Turkish and Chinese banks began to limit work with Russian clients. The reason was secondary US sanctions, which impose restrictions on cooperation with sanctioned individuals.
- US President Joe Biden signed a decree on secondary sanctions at the end of 2023. The document gives the US Treasury the authority to impose restrictions on foreign banks in case of cooperation with the Russian Federation.
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
