UAE cancels licence for Russia’s sanctioned MTS bank

Large numbers of Russians have sought a safe haven in the UAE since the Ukraine conflict began. U.S. officials have visited the UAE to discuss with regulators including the central bank the importance of clamping down on sanctions evasion. MTS Bank, a fintech unit of Russia’s largest mobile operator Mobile TeleSystems, was part of a broader sanctions package against 200 entities and individuals announced in February on the first anniversary of Russia’s invasion of Ukraine.

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