UAE Central Bank revokes licence of Russia's MTS Bank

Bank must wind down operations within six months


A Staff Reporter

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The Central Bank of the UAE. - KT file
The Central Bank of the UAE. - KT file

Published: Fri 31 Mar 2023, 12:14 PM

Last updated: Fri 31 Mar 2023, 6:20 PM

The Central Bank of the UAE announced on Friday that it has decided to cancel MTS Bank’s Abu Dhabi licence.

The bank has been ordered to wind down its operations within six months from the date of the decision, under the supervision of the Central Bank, and close the branch, a 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 after the designation,” the Central Bank said.

During the winding down, the branch will be prohibited from opening new accounts and conducting transactions, except for clearing prior obligations and the bank’s use of Central Bank’s payment systems will be restricted to this purpose only, the statement said.

According to Reuters, the bank was subjected to British and US sanctions in February.


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