UAE revokes licence for Russia’s MTS Bank

Gulf state was put on the FATF grey list last year

Central Bank of the UAE
Photo: Achilver/Wikimedia Commons

The Central Bank of the UAE said on March 31 it will cancel the licence it granted to Russia’s MTS Bank last year. It ordered the lender to wind down operations within six months, citing “sanctions risks”. 

“During the winding down, the branch will be prohibited from opening new accounts and conducting transactions, except for clearing prior obligations,” the central bank said in a statement. MTS’s use of central bank payment systems “will be restricted to this purpose only” as the Abu Dhabi

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