UAE Central Bank revokes license of Russia's MTS Bank as sanctions tighten

DUBAI — The Central Bank of the United Arab Emirates (UAE) canceled Russia's MTS Bank Abu Dhabi license citing “sanctions risk”, as the West tightens its noose on Moscow following its invasion of Ukraine. 

The UAE bank plans to close the Russian bank’s operations within six months from the date of the decision, according to a Friday press release. The MTS branch will not be allowed to open new accounts and conduct transactions, except to clear prior obligations during that time.