UAE banks limit operations for 30% of Russian clients — Ukrainian intel

The Foreign Intelligence Service of Ukraine reported the information.

“This July, financial institutions in the United Arab Emirates increased control over Russian companies’ activities. About 30% of Russian enterprises received notices of financial operation restrictions or bank account closures,” the report states.

According to the intelligence service, the main reasons for closures included lack of or late responses to bank inquiries, financial flows inconsistent with declared activities, document errors, and connections with “blacklisted” countries, including sanctioned states.

“Thorough checks began in February 2024, following the UK’s sanctions against UAE companies that helped circumvent sanctions on Russia,” the Foreign Intelligence Service emphasizes, adding that the situation worsened after the adoption of the EU’s 18th sanctions package, which for the first time included Emirati entities.