UAE banks are closing accounts of Russian companies and citizens

Fearing secondary sanctions, UAE banks decided to limit financial transactions with Russia and began closing the accounts of both companies and individuals.

It is noted that problems related to banking transactions among Russians in the UAE began before the introduction of secondary sanctions against Russia by the United States in December of last year.

Many banks have stopped accepting payments from Russia. As a result, it became difficult for companies with Russian beneficiaries that do not receive financing from Russia and do not send money to Russia. Some banks require detailed documentation for almost every transaction and payments are delayed for long periods of time.

As a result, entrepreneurs began to carry out financial transactions using cryptocurrencies.

Nevertheless, currently Russian citizens and companies can open accounts in UAE banks, but the process will take longer.

In February, Chinese banks, which have not imposed restrictions on Russia and are considered friendly by Moscow, also reported difficulties with Russian payments due to the threat of secondary sanctions.