UAE Central Bank revokes license of Russia's MTS Bank as sanctions tighten
The Central Bank of the UAE plans to close the Russian bank’s operations within six months from the date of the decision.
DUBAI — The Central Bank of the United Arab Emirates (UAE) canceled Russia's MTS Bank Abu Dhabi license citing “sanctions risk”, as the West tightens its noose on Moscow following its invasion of Ukraine.
The UAE bank plans to close the Russian bank’s operations within six months from the date of the decision, according to a Friday press release. The MTS branch will not be allowed to open new accounts and conduct transactions, except to clear prior obligations during that time.
“This decision comes after considering the available options regarding the new status of the MTS Bank and taking into account the sanctions risks associated with the bank after the designation,” stated the press release.
This development comes after increased pressure from the United States to put a halt to Russia trade ties.
