Dubai, the largest city in the UAE (Illustrative photo: Depositphotos)

Reacting to Western sanctions against Moscow, banks in the United Arab Emirates are disassociating themselves from Russian companies and "cleaning up" their client base. About said Ukrainian Foreign Intelligence Service (SZR).

According to it, in July, UAE financial institutions tightened control over the activities of Russian companies: about 30% of companies from the aggressor country received notifications about restrictions on financial transactions or closure of bank accounts.

"The main reasons for their closure were the absence or untimely response to bank requests, errors in documents, inconsistency of financial flows with the declared activities, links with countries on the FATF [International Group on Action against Money Laundering] or with persons/entities under international sanctions, etc.", the foreign intelligence explained.

The agency notes that thorough inspections of Russian companies have begun back in February 2024 – after the United Kingdom imposed sanctions on Emirati companies that helped circumvent sanctions against Moscow.

However, as the SZR adds, the situation gained momentum after the adoption of the 18th package of European Union sanctions – For the first time, it included structures from the UAE linked to Russia.

Emirati financial institutions do not want to be put on the "gray list" again because of Moscow FATF – and thus show their readiness to comply with the global sanctions regime, foreign intelligence concludes.