“Apparently, the UAE has its own interest in developing a dialogue with Europe. Although the actions of one bank, of course, are not a trend for the entire banking sector in the Emirates”, the expert shared this opinion with Rossiyskaya Gazeta .
According to him, it is worth observing the situation and not drawing hasty conclusions. Perhaps, more specifically, Emirates NBD Bank has a vested interest in working with European clients and it won’t affect others, he thinks.
For now, one should not draw conclusions that the UAE is losing its “safe haven” status, the expert is sure of that. A large number of companies previously relocated from Russia are operating in the UAE, which would also be a massive shock to the country’s economy, he suggests.
“The signal we are receiving now seems alarming, especially for Russian relocators in the Emirates, who spend long months in anxious expectation in this country. By the way, there are medium-sized Bahrain and Qatar, where business conditions are no less attractive. , but there is no political background” – concluded Loboda.
Notifications about this have already begun to be received by clients from the Russian Federation, they receive messages with a warning about transferring their assets to separate accounts. This is where all payments on their titles will go, according to the Russian edition of Forbes. After that, Russians will no longer be able to withdraw them to their own account in ENBD.
The messages include a clarification that the transfer of assets will be completed if the bank’s customers are not residents of the EU, European Economic Area or Switzerland. The source of the publication clarified that the bank, located in the commercial center of the United Arab Emirates, the emirate of Dubai, uses the services of the European depositories Clearstream and Euroclear and is obliged to comply with their requirements, and this restriction has was adopted in accordance with a certain “European directive”.
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