Russian clients of Emirates NBD (ENBD), the second largest bank in the UAE, have started receiving letters advising that if they are not residents of the EU, the European Economic Area or Switzerland, their assets will be transferred to a separate account, where Restrictions will be established for cash transfer.
This was reported by Forbes with reference to the letter, and the information was also confirmed by sources in the banking market.
In a letter to clients, the bank reports that coupons and dividends, as well as the proceeds from the sale of securities, will fall into a segregated account. The Russian customer will not be able to transfer them to his ENBD account.
It will be possible to sell account securities only on the terms of “delivery free of payment” (free of payment, FOP). This mechanism provides for payment only after the documents have been translated.
ENBD clarifies that the restrictions were introduced in accordance with the “EU directive”. There are no exceptions for Russians who have residence in the UAE.
As previously reported, Dubai has become one of the most popular places for Russians to buy property abroad in 2022. At the end of last year, the Russians even set a record for the number of real estate transactions: more than 86 thousand.
Author:
anastasia mariana
Source: RB
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