UAE Revokes License of Russian Bank "MTS"

The Emirates News Agency reported today, Friday, that the Central Bank of the United Arab Emirates is considering options regarding the new status of the Russian bank "MTS," which was granted a license to operate in the country last year. The Russian bank has been included in a new package of sanctions announced today. The agency stated that "the central bank is currently evaluating the options available regarding the bank's new status and will make an appropriate decision in due course, taking into account the obligations that the branch has incurred during the previous period." The agency noted that the bank has contributed to supporting legitimate trade between the two countries and serving the Russian community in the UAE, under the supervision of the central bank.