UAE cancels licence for Russia’s sanctioned MTS Bank
The United Arab Emirates’ central bank on Friday said it will cancel the licence it granted last year to Russia’s MTS bank, which was placed under British and US sanctions in February.
Operations at the bank’s UAE branch, which is licensed in the emirate of Abu Dhabi, will be wound down within six months under UAE central bank supervision.
A statement from MTS Bank said it will fulfil all settlement obligations to existing customers and guarantee the safety of their funds for six months.
“This decision comes after considering the available options regarding the new status of the MTS Bank and taking into account the sanctions risks associated with the bank,” the UAE central bank’s statement said.