Emirates NBD Bank closed the accounts of Uralkali and Tavrina – Kommersant

The UAE bank Emirates NBD, due to US pressure, closed the accounts of the Russian fertilizer company Uralkali and Russian businessman Ivan Tavrin. The newspaper reported this The Wall Street Journal with reference to sources.

The bank, one of the largest in the country, was involved in major transactions with Russian businesses, including Russian oil. A special department was organized for these purposes. According to sources, after employees of the US Treasury and State Department visited the country, and new sanctions were introduced against UAE companies, for example, oil trader Voliton, the bank “changed its course.”

The bank closed the department, stopped accepting ruble transfers and closed the majority of Russian accounts, which on average contained more than $5 million. Accounts that belonged to companies associated with the sanctioned ones were also closed. The bank’s decision in particular affected the accounts of Uralkali and Ivan Tavrin. They did not respond to the newspaper’s request to comment on the bank’s decision.

At the same time, the United States is putting pressure on Turkish financial and credit organizations. WSJ writes that difficulties with translations caused a collapse in Turkish exports to Russia by 33% in February compared to a year earlier. Export volumes in February amounted to $670 million. At the end of 2023, the White House expanded the powers of the Treasury Department, allowing it to punish foreign banks for transactions related to the Russian military-industrial complex.

More details in the material “They cut off bonuses from Russia”.

Alexandra Goroshilova