One of UAE's largest banks curtails cooperation with Russians under US pressure – WSJ

Due to the US sanctions pressure, Dubai's main state-owned bank Emirates NBD has closed some accounts of Russian oligarchs and Russian oil traders. 

Source: The Wall Street Journal

Details: It is noted that Emirates NBD has closed its Russian subsidiary and many Russian accounts. The companies of Azerbaijani businessman Etibar Eyyub, who trades in Russian oil, were also hit.

Emirates NBD ordered the closure of the accounts of Coral, Voliton, Bellatrix and another company associated with Eyyub, Pontus Trading. These companies were the ones that registered old tankers carrying large volumes of Russian oil. 

Emirates NBD also closed the accounts of Russian fertiliser giant Uralkali and Russian businessman Ivan Tavrin. In December, the United States imposed sanctions on Tavrin, who had been buying up foreign technology companies since the start of the full-scale war.

In addition to Emirates NBD, the Dubai branch of the Egyptian state-owned bank Banque Misr has also started to curtail its work with Russians.

Background: Emirates NBD will start transferring the assets owned by Russians to separate accounts, where all payments on securities owned by them will be received.

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