US and UK sanction Russian bank licensed in UAE

Central bank “studying options” as Ukraine allies target sanctions evasion

Central Bank of the UAE
Photo: Achilver/Wikimedia Commons

The Central Bank of the UAE is reviewing its options in relation to MTS Bank, after the UK and US extended sanctions to the Russian lender on February 24, one year after Russia’s invasion of Ukraine. 

“[An] appropriate decision will be taken in due course, considering the obligations incurred by the branch during the previous period,” the CBUAE said in a statement. The central bank granted MTS a licence in 2022.

MTS contributed to “legitimate” trade between Russia and the UAE, and servicing

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