UAE Central Bank revokes licence of Russia's MTS Bank

Friday, 31 March 2023 16:25

By ARN News Staff

The Central Bank of the UAE (CBUAE) has decided to cancel MTS Bank’s licence in Abu Dhabi due to the sanctions risks associated with the lender.

The Russian bank's operations in Abu Dhabi will be wound down within six months before closing the branch under CBUAE's supervision.

"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 after the designation," the regulator said in a statement.

During the winding down, the branch will be prohibited from opening new accounts and conducting transactions, except for clearing prior obligations, and its use of the Central Bank’s payment systems will be restricted to this purpose only.

More from UAE News

Minor earthquake recorded south of Musandam

A mild earthquake measuring 4.6 on the Richter scale was recorded south of Musandam at 4:40 PM UAE time on Tuesday.
Dubai advances preparations for world’s largest museum conference

Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of the Dubai Culture and Arts Authority, has met with key partners to review preparations for the 27th General Conference of the International Council of Museums — ICOM Dubai 2025.
UAE's Rashid Rover 2 heads to US for Moon mission prep

The Emirates Lunar Mission’s Rashid Rover 2 has completed its development and testing in the UAE and is now on its way to the United States for launch preparations.
UAE stands in solidarity with Afghanistan after deadly quake

The UAE has expressed its solidarity with Afghanistan after a 6.3 magnitude earthquake struck Mazar-e Sharif city in the northern region, killing at least 20 people and leaving hundreds injured.