Russian ‘Sber’ will close its representative office in the United Arab Emirates at the beginning of 2023. The reason is that the office faced restrictions in its work due to sanctions.
The Bell writes about it.
‘Unfortunately, due to the sanctions, we are facing serious restrictions on the work of our office in Abu Dhabi and are forced to close it in the 1st quarter of 2023,’ said the first deputy chairman of the board, Alexander Vedyakhin.
He promised that the bank will not abandon clients working in the UAE market and will continue to help them.
The representative office of Sberbank in Abu Dhabi was opened in the fall of 2020. It is virtually impossible for a sub-sanctioned bank without access to SWIFT to operate in the UAE, Frank Media sources say.
However, recently it became known that MTS Bank plans to be the first Russian bank to open a branch in the UAE. Russian business in the UAE has become a popular area recently: a large number of Russian emigrants now live there. The Fix Price chain of stores, two Russian developers and the Tigrus restaurant holding are planning to enter the market of this country.
