UAE Central Bank revokes licence of Russia's MTS Bank

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.