The UAE Central Bank has decided to revoke MTS Bank’s license, taking into account its “new status” and all the risks of sanctions. The Bank will not be able to open a new account or make any transactions, except for the repayment of liabilities.
MTS Bank is not the only Russian bank trying to operate in the UAE. In 2020, Sber opened an office there, but could not serve retail customers. It also came under US sanctions in April 2022 and announced that in early 2023 the unit in the UAE would be shut down.
Source: Ferra
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