Large UAE banks restrict settlements with Russia and close accounts

10:39 - 19.02.2024

February 19, Fineko/ Due to the risk of secondary sanctions, large UAE banks limit their work with Russian clients. They began to close accounts for companies and individuals and refuse to settle accounts with the Russian Federation, ABC.AZ reports, referring to businessmen, representatives of Delovaya Rossiya, tax and legal consultants.

The Russian government is aware of the problem, but considers it uncritical and solvable, a source told the newspaper.

Banks do not accept money from Russia and do not send payments in the opposite direction. According to Delovaya Rossiya, credit institutions close accounts of companies owned by Russians, including "for non-transparent reasons".

The problems began long before the release of the U.S. president's decree on secondary sanctions in December 2023, which led to change in policy in Turkish and Chinese banks. One of the businessmen said that there had been difficulties all last year, but since September a wave of "purges" began. He added that at that time banks "had significant reduction in accounts with Russian passports". Second-tier banks treated Russians more loyally, but customers had to purchase additional services or increase account balances.

The owner of the energy company said that it is almost impossible to open an account in the largest companies. He pointed out that it is possible to negotiate with personal managers privately, but after the first check, "you will fly out like a cork".

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