UAE bank starts blocking investment accounts of Russians

One of the largest banks in the UAE, Emirates NBD, will start transferring Russians' assets to separate accounts, where all payments on securities will be received, while clients will not be able to withdraw funds from these accounts.

According to Ukrinform, this was reported by Forbes.

This decision is due to the requirement of a Western depository.

It is noted that the bank's Russian clients began to receive letters in which the bank warns that if they are not residents of the EU, the European Economic Area, or Switzerland, their assets will be transferred to a separate segregated account, which will have restrictions on cash transfers.

In a letter to clients, the bank informs them that any coupons and dividends, as well as proceeds from the sale of securities, will be credited to that account. The Russian client will not be able to transfer them to his ENBD account.

ENBD clarifies that the restrictions are introduced in accordance with the EU directive. There are no exceptions for Russians who have a residence in the UAE.

Author - Serhii Kolomiets, 15/04/2023