UAE To Cancel License Granted To Russia's MTS Bank

The United Arab Emirates Central Bank on Friday said it will cancel the license it granted to Russia's MTS bank last year.

The UAE central bank' statement said; "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."

Operations at the bank's UAE branch, which is licensed in the Emirate of Abu Dhabi, will be down within six months under central bank supervision.

During the winding down process, the branch will not be allowed to open new accounts or conduct transactions apart from clearing prior obligations, for which it will be allowed to use the central bank's payment systems.

The UAE has maintained good ties with Russia despite Western sanctions over the invasion of Ukraine.

It has not matched the global sanctions imposed on the country.