UAE to explore options for MTS Bank after US and UK sanctions

The Central Bank of the United Arab Emirates will study options for the further work of MTS Bank after the United States and Great Britain imposed sanctions against it , reports WAM with reference to the statement of the regulator.

“The Central Bank is currently studying the available options in connection with the new status of the bank and will make an appropriate decision in this regard in a timely manner, taking into account the commitments made by the [bank] branch earlier,” the statement said.

MTS Bank received a license from the UAE Central Bank at the beginning of 2023 and registered a branch in Abu Dhabi. The regulator explained that it granted permission to MTS to the bank after it examined that it met the licensing criteria for branches of foreign banks. “The bank has contributed to supporting legitimate trade between the two countries and serving the Russian community in the UAE,” the Central Bank noted.

On February 24, the US and British authorities imposed sanctions against several Russian banks, including MTS Bank. In addition to it, ten more banks fell under US restrictions - Moscow Credit Bank, Uralsib Bank, Zenit Bank, Metallurgical Investment Bank, SDM-Bank and others.

The United Kingdom, in addition to MTS Bank, included the banks Uralsib, Zenit and St. Petersburg on the sanctions list. “MTS Bank has no assets in the UK. The bank stopped settlements in pounds sterling in advance. MTS Bank is operating as usual and will continue to fulfill all obligations to its customers,” the bank commented on falling under British sanctions.