UAE grants licence to Russian bank

US voices concerns over sanctions evasion and threatens action against facilitators

Central Bank of the UAE
Photo: Achilver/Wikimedia Commons

The Central Bank of the United Arab Emirates has approved a licence for Russia’s MTS Bank, according to the central bank’s website. The lender is registered in Abu Dhabi and received the licence last year. 

Since Russia’s invasion of Ukraine – which it continues to call a “special military operation” – tens of thousands of wealthy Russians have moved to the UAE. Russian news outlet Kommersant reported in December that MTS will open a branch in Dubai, pending approval from the Russian Central

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