UAE banks close accounts of Russian companies - intelligence
Kyiv • UNN
Financial institutions in the UAE are closing accounts of Russian companies to avoid sanctions. About 30% of Russian enterprises have received notifications about restrictions on financial operations or closure of bank accounts.
Financial institutions in the United Arab Emirates are restricting financial transactions or closing bank accounts of Russian companies to avoid sanctions. This was reported by the Foreign Intelligence Service of Ukraine, writes UNN.
This July, financial institutions in the United Arab Emirates tightened control over the activities of Russian companies. About 30% of companies from the Russian Federation received notifications about restrictions on financial transactions or the closure of bank accounts.
The main reasons for their closure were the absence or untimely response to bank requests, errors in documents, inconsistency of financial flows with declared activities, connections with countries on the FATF "black list" or with individuals/structures under international sanctions, and others.
Thorough checks began back in February 2024 – after the UK imposed sanctions against UAE companies that facilitated the circumvention of sanctions against Russia. The situation gained momentum after the adoption of the 18th EU sanctions package, which for the first time included Emirati structures linked to Russia.
UAE financial institutions do not want to re-enter the FATF "grey list" because of Russia, so they are showing their readiness to comply with the global sanctions regime.