The risks of secondary sanctions have led to restrictions on the work of large banks in the United Arab Emirates (UAE) with Russian clients, Vedomosti reported on February 19.
Citing statements from businessmen and anonymous legal and tax advisors, some UAE banks are reported to have “for opaque reasons” Do not accept money transfers from Russia or return payments. One of the sources noted that similar difficulties continued throughout 2023, but intensified in September.
According to sources, in second-tier banks, clients can use all services, although they must purchase additional services or increase the balance of their accounts.
The publication clarifies that this situation arose “A long time ago” before the US president’s December decree on secondary sanctions, which prompted a change in policies at Turkish and Chinese banks.
It should be noted that on February 19, Deputy Chairman of the State Duma Economic Policy Committee Artem Kiryanov said that Russia is ready to aggravate the problem of secondary sanctions in relations with Turkey and the United Arab Emirates.
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Source: Rossa Primavera
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