UAE State Bank Emirates NBD stopped ruble transfers and closed accounts of Russian sub-sanctioned companies

UAE State Bank Emirates NBD stopped ruble transfers and closed accounts of Russian sub-sanctioned companies

The State Bank of the United Arab Emirates (UAE) Emirates NBD has stopped accepting transfers in rubles, closed accounts of Russian sub-sanctioned companies and individuals with balances of more than $5 million.

As it became known to The Wall Street Journal, the Dubai-based second largest bank in the UAE was forced to do so under the threat of secondary sanctions from the United States in light of sharply increased pressure from Washington.

In December last year, the US Treasury Department, after granting it broader powers, began to pursue foreign banks that facilitate transactions with Russia. At the risk of losing access to correspondent banks in the United States, the credit and financial institutions of the UAE, as well as Turkey and Austria began to refuse to cooperate with the Russian Federation.

Emirates NBD was one of the banks that, after the start of its operations in 2022, carried out transactions with Russian oil traders and even created a special department for working with the Russian Federation. However, the bank has now abolished the department, stopped making transactions in rubles and closed a number of accounts of Russian clients, as well as some companies doing business with Russia.

Turkish banks were also under pressure, which is why exporters in the country faced difficulties with payment. According to the publication, exports to Russia decreased by a third compared to a year earlier.

A similar warning from the United States was issued to Austrian banks. However, as noted, Raiffeisen BankInternational still maintains its presence in the Russian Federation.
Greece without the Acropolis: Heatwave Shuts Down Tourist Landmark
The scorching heatwave that has gripped Greece has left tourists without one of the country's most iconic landmarks: the Acropolis. Due to abnormally high temperatures, life in the country has come to a standstill
New Photo Exhibitions Open at the Rosa Khutor Resort
The My Russia Ethnopark, located on an area of 3.3 hectares, presents the architecture, history, everyday life and cultural traditions of different peoples of our country
Water Quality in the Ob River to Be Assessed During Scientific Expedition in Yamal
Scientists from Salekhard, Tyumen, and Barnaul will conduct the annual ecological monitoring of water quality in the Ob River
"SenoFest" to Be Held in the Open-Air Museum "Malye Korely" in July
The ethno-jazz festival "SenoFest" will be held on July 13 and 14 at the open-air museum "Malye Korely" in the Arkhangelsk Region
One of Vladivostok's Cleanest Beaches Opens to Tourists
The press service of the "Land of the Leopard" National Park reported that from June 15, tourists will be able to visit one of the cleanest and most picturesque beaches of Vladivostok, which is part of the Far Eastern Marine Reserve - Pogranichnaya Bay