Banks in the United Arab Emirates have stepped up checks on payments by russian companies after a new wave of US sanctions hit 50 banks, including the russian state-owned Gazprombank. This is reported by The Moscow Times, according to UNN.
Details
It is noted that UAE banks are anti-sanctions hubs for russian business there. After the full-scale invasion and imposition of sanctions, 6,000 Russian companies opened subsidiaries in the Emirates.
However, after the latest US sanctions, in particular against Gazprombank, the average time for making a payment through Dubai banks increased from 1-3 days at the beginning of the year to two weeks, and in some cases up to 30 days. A number of companies have had their money "hang up" and return, and sometimes get lost.
There are cases where funds were debited from accounts in the UAE at the end of November and have not yet been transferred to accounts in russian banks or back to accounts in the UAE.
Meanwhile, in a number of areas, UAE credit institutions have stopped conducting transactions altogether.
Banks are afraid of secondary sanctions, i.e., punishment for violating the restrictions already imposed. That is why they have stepped up inspections of all companies with russian beneficiaries or those with russian money. In some cases, they have gone as far as blocking accounts.
The situation has led to serious complications for most russian companies operating through the UAE. Many complain of a significant deterioration in the business environment, which may force them to seek alternative financing solutions.
Recall
The United States has imposed new sanctions against the russian financial sector, including Gazprombank and more than 50 banks. The sanctions also targeted 40 securities registrars and 15 financial officials in Russia.
