Dubai, United Arab Emirates (CNN) – The UAE Central Bank announced that it is studying available options regarding the new status of the Russian MTS Bank branch in Abu Dhabi, after the United States of America imposed a new package of sanctions on Russian individuals and entities, including MTS Bank, on Friday, in conjunction with the anniversary of One year since the Russian invasion of Ukraine.
The UAE Central Bank indicated that it had seen the statement issued regarding the new package of sanctions against Russia, including the sanctions imposed on MTS Bank, according to what was reported by the official Emirates News Agency (WAM).
The UAE Central Bank said that it had granted a license to MTS Bank to open a branch in Abu Dhabi, according to the licensing procedures approved by it, after meeting the criteria for licensing foreign bank branches, adding that the Russian bank “contributed to supporting legitimate trade between the two countries and serving the Russian community in the UAE.”
The Central Bank of the UAE confirmed that it had “reviewed the anti-money laundering and combating the financing of terrorism policies of the branch, and examined the related electronic systems before the start of the branch’s operations in the UAE, according to the requirements for licensing banks to operate in the Emirates,” adding that “given the circumstances that the headquarters country is going through.” Bank, the Central Bank supervised trade finance-related transactions that exceed a certain limit.
The Central Bank of the UAE concluded its statement that it is “currently studying the available options regarding the status of the new (Russian) bank, and will take the appropriate decision in this regard at the time, taking into account the obligations incurred by the branch during the previous period.”
The post America imposes sanctions on a Russian bank, and the UAE is studying the “available options” regarding its branch in Abu Dhabi appeared first on Gatto Presss.