Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling Back
Emirates NBD Bank PJSC is Dubai's government-owned bank and is one of the largest banking groups in the Middle East in terms of assets.
Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling BackDue to sanctions pressure from the United States, Dubai's main state-owned bank, Emirates NBD, has closed some accounts of Russian oligarchs and Russian oil traders. Emirates NBD Bank has closed its Russian branch and many Russian accounts. NBD Emirates ordered the closure of the accounts of Coral, Voliton, Bellatrix and another company linked to Eyyub, Pontus Trading. It was these companies that were registered to the old tankers that transport large volumes of Russian oil. Emirates NBD also closed the accounts of Russian fertilizer giant Uralkali and Russian businessman Ivan Tavrin.
One of the largest banks in the UAE — Emirates NBD — will begin transferring assets of Russians to separate accounts, where all payments on securities belonging to them will go. Investors managed to unlock part of the assets on accounts with Emirates NBD. We are talking about securities of American issuers and part of the funds on investment accounts in ENBD. Access to European securities and payments on them remains limited.