UAE Banks Started Blocking Accounts Of Russian Companies En Masse
- 1.08.2025, 22:17
The UAE after the war became a major hub for parallel imports and financial links between the Russian Federation and the outside world.
Russian business is facing a new wave of problems in the United Arab Emirates, which after the war became a major hub for parallel imports and financial links between Russia and the outside world.
In recent months, UAE banks have launched a "sweep" of companies from Russia, the number of which in the country has exceeded 4,000, and have also tightened control over payments, RBC with reference to lawyers and consulting companies.
According to the interlocutors of the publication, from 20% to 30% of Russian companies in the UAE have faced inspections, restrictions on operations or direct closure of accounts.
Accounts are closed even when the client "did not respond to a call from the bank or did not send a letter exactly at the designated time," complains managing partner of FTL Advisers Maria Chumanova. At the same time, banks set strict requirements - sometimes to provide and certify up to 20 documents within a day.
The UAE seeks to identify clients whose activities are poorly connected with the country, or has nothing to do with it at all. Even "real" businesses "with fully legitimate activities and quite significant turnovers" are experiencing problems, says Pen & Paper partner Stanislav Danilov.
In addition, lawyers say, banks monitor compliance with the sanctions: accounts are closed not only to sub-sanctioned companies, but also to those who work with counterparties included in the "black lists" of the United States, the EU and Britain.
According to Uppercase, last year in the UAE was registered another 100 organizations with Russian participation - 2.5 times more than in 2023. Their total number in the country exceeded 4,000, although one in seven (14%) of the previously opened companies ceased operations in the country.
The most frequently opened businesses in the UAE were companies from retail (26%), IT (21%) and manufacturing (14%).