UAE Banks Halt Russian Transactions Under US Pressure
Under pressure from the U.S., UAE banks are significantly restricting transactions involving Russian companies, creating major disruptions to Russian trade. This tightening of financial restrictions impacts over fifty UAE banks, including Gazprombank, causing delays and outright refusals of payments. The increased scrutiny and processing times, escalating since November, severely hamper Russian businesses’ ability to conduct international trade, particularly for goods like electronics and industrial equipment. This trend mirrors similar difficulties reported in other countries, threatening to severely limit Russia’s access to crucial financial channels.
John Q. Hosedrinker