Within six months, UAE will revoke the Russian MTS bank's licence.

The United Arab Emirates central bank has decided to cancel MTS Bank's Abu Dhabi license and close the branch in the Emirati capital within six months. The decision comes after considering the available options and taking into account the sanctions risks associated with the bank. During the six-month period to "wind down its operations", the Russian bank would be barred from opening new accounts and carrying out any transactions apart from clearing prior obligations. The UAE has maintained a neutral stance towards Russia's war, and the oil-rich Gulf monarchy and its financial hub Dubai have attracted Russian professionals and businesspeople fleeing the impact of Western sanctions since the invasion in February 2022. In March 2022, the UAE was placed on a money laundering "grey list" by the Paris-based Financial Action Task Force, making it subject to greater scrutiny.