UAE Bank Tighten Requirements for Russian Companies

Banks in the United Arab Emirates (UAE) have tightened the conditions for opening accounts for Russian companies due to increased scrutiny from regulatory authorities and pressure from Western countries combating sanctions evasion against Russia, Bloomberg reports.

According to sources cited by the agency, Emirati banks have also intensified controls over money transfers to Russia and third countries, resulting in prolonged processing times for such operations.

According to the sources, some UAE financial institutions now require more documents for conducting money transfers, and in some cases, even freeze funds and request clients to justify the purpose of the transfer.

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