The UAE will study options for the further work of MTS Bank after the imposition of sanctions

The Central Bank of the United Arab Emirates (UAE) is exploring options for the further work of the Russian MTS Bank in the country after the imposition of sanctions against him by the UK and the US. About it informed Emirati Central Bank in a statement published by the WAM agency.

“Currently, the Central Bank is studying the available options regarding the new status of the bank, the appropriate decision will be made in the prescribed manner, taking into account the obligations assumed by the branch before,” the statement says.

MTS The bank received a banking license from the UAE Central Bank on January 1, 2023. It became the first foreign bank in several years to be able to pass the licensing procedure in this country.

On February 8, the Financial Times reported that the US and European authorities are concerned about the interaction between Russia and the UAE. Then the source of the newspaper said that US Deputy Secretary of the Treasury Brian Nelson raised the issue of issuing a license to a Russian bank during a visit to Abu Dhabi.

December 26, 2022 Sberbank announced the closure of its office in the UAE. Then the deputy chairman of the board of the bank Alexander Vedyakhin informedthat the closure of the unit took place against the backdrop of Western sanctions. Despite the closure, the bank promised to continue to help clients work in the Emirati market. Vedyakhin also said that the bank hopes to open a branch in China by the end of this year.