major UAE banks limit settlements with the Russian Federation and close accounts – Kommersant

Large UAE banks limit their work with Russian clients due to the risk of secondary sanctions. They began to close accounts of companies and individuals and refuse settlements with the Russian Federation, about this “Vedomosti” businessmen, representatives of Business Russia, tax and legal consultants spoke. The government is aware of the problem, but considers it uncritical and solvable, the newspaper’s source said.

Banks do not accept money from Russia and do not send payments in the opposite direction. According to Business Russia, credit institutions are closing accounts of companies owned by Russians, including “for opaque reasons.”

The problems began long before the US presidential decree on secondary sanctions was issued in December 2023, which led to a change in policy in Turkish and Chinese banks. One of the businessmen said that there were difficulties all last year, but in September a wave of “purges” began. According to him, at that time, banks “were undergoing an exponential reduction in accounts with Russian passports.” Second-tier banks treated Russians more loyally, but clients had to purchase additional services or increase account balances.

The owner of an energy company told Vedomosti that it is almost impossible to open an account with the largest companies. According to him, you can negotiate with personal managers privately, but after the first check, “you will fly out like a traffic jam.”

About the threat of secondary sanctions – in the material “Kommersant” “A friend is known in a leaf”.

Leonid Uvarchev