The United Arab Emirates has cancelled the licence of Russia’s MTS Bank and ordered it to wind down its operations in the Gulf state, citing the “sanctions risks” associated with the lender.
The decision comes as the region’s dominant trade and financial hub has been facing US pressure over western concerns that it is becoming a haven for Russian sanction busting.
The UAE’s central bank said in a statement on Friday that it “has been decided to cancel MTS Bank’s Abu Dhabi licence, wind down its operations within six months from the date of the decision?.?.?.?and close the branch”.
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