agency reportedbloombergThe new round of US sanctions against Russia, which coincides with the first anniversary of the invasion of Ukraine, sends a signal to allies that Washington will begin to take tougher measures against evading sanctions.
According to the agency, the new round of sanctions and export controls includes more than 250 individuals and entities, including MTS Bank, which has branches in Moscow and Abu Dhabi.
The UAE Central Bank granted the Russian bank MTS a license last year to operate in the Gulf state, according to Bloomberg.
Thousands of wealthy Russians also flocked after the invasion of Ukraine to the Emirates, as Russians were the largest foreign buyers of real estate in Dubai last year, according to Betterhomes.
On Friday, the White House announced tightening sanctions against Russia with the aim of striking its economy and limiting its access to sensitive technologies such as semiconductors.
The White House stated that the sanctions, which target sectors such as banks and defense industries, will affect “more than 200 people and entities, including Russian actors and third countries across Europe, Asia and the Middle East that support the Russian war effort.”
On Friday, the US Treasury announced the imposition of new sanctions against Russia, specifically targeting banks, companies and individuals in the sectors of minerals, mines, military equipment and semiconductors, with the prosecution of more than 30 individuals and companies from Switzerland, Germany and other countries for helping Moscow in financing its war on Ukraine, which entered its second year.
In addition, nearly 90 companies in Russia, China and other countries will be placed on the Commerce Department’s entity list for evading sanctions, according to the White House.
The lists are intended to prevent targeted companies from buying semiconductors, software or other technology manufactured in the United States or with American intellectual property.
Media reports indicate that Russia has been offloading consumer goods through third countries to help keep its equipment and weapons systems from collapsing.
Emirati clarification
After MTS was subjected to US and British sanctions, on Friday, the Central Bank of the UAE issued a clarification statement about the new situation of this Russian bank.
He said that he is “currently studying the available options regarding the status of the new bank,” provided that he takes “the appropriate decision in this regard at the time,” according to what he said. quoted Emirates News Agency (WAM).
The UAE Central Bank confirmed in the statement that the license granted to the Russian bank came after “the bank met the criteria for licensing foreign bank branches,” as “the bank contributed to supporting legitimate trade between the two countries and serving the Russian community in the UAE, under the supervision of the Central Bank.”
The statement said: “The Central Bank reviewed the anti-money laundering and combating the financing of terrorism policies of the branch, and examined the related electronic systems before starting the branch’s operations in the UAE, according to the requirements for licensing banks to operate in the UAE, and given the circumstances that the bank’s headquarters country is going through, Ashraf Central Bank on transactions related to financing trade that exceed a certain limit.
