US Targets Bank With UAE Ties in New Phase of Russia Sanctions
- 90 companies will be placed on Commerce sanctions evasion list
- Countries may face pressure to choose between US, Russia
An MTS bank branch in Moscow.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
The US Treasury sanctioned a Russian bank with ties to the United Arab Emirates, signaling to allies that it will start cracking down on sanctions evasion as the war in Ukraine enters its second year.
The fresh round of sanctions and export controls on more than 250 individuals and entities includes MTS Bank, which has branches in Moscow and Abu Dhabi. The UAE’s central bank granted MTS Bank a license last year to operate there. Thousands of Russians went to the UAE after the invasion began and were the biggest international buyers of Dubai real estate last year, according to brokerage Betterhomes. The UK also designated MTS Bank on Friday.