According to newspaper sources, Russians have been facing difficulties with banks long before the US President’s decree on secondary sanctions.
Major banks in the United Arab Emirates, due to the risk of secondary sanctions from the US, have started restricting transactions with Russia and have begun closing accounts for Russian companies and individuals. This is reported by “Vedomosti” with reference to businessmen working in the UAE and representatives of the “Business Russia” association.
According to the newspaper, credit organizations are currently not accepting money from Russia and are not sending payments in the opposite direction. Sources from “Business Russia” note that banks are closing accounts for companies whose owners are Russians, including “for opaque reasons.”
Business representatives have noted that problems with banks in the UAE for Russians began long before the December decree of the US President on secondary sanctions. One of the newspaper’s sources mentioned that difficulties were observed throughout the past year, but a “wave of purges” began in the fall. According to him, banks at that time were “demonstratively reducing accounts with Russian passports.” In second-tier financial structures, Russians were treated more leniently, but clients had to purchase additional services or increase their account balances.
Another source told “Vedomosti” that it is practically impossible to open an account in the largest banks in the UAE. He added that it might be possible to arrange something privately with a personal manager, but after the first check, “you will be thrown out like a cork.”
A source close to the government from the publication claims that the Russian government is aware of the problem, however, they consider it non-critical and solvable.