The UAE Central Bank stated, in a statement today, Friday, that it had decided to revoke the license of the Russian MTS Bank branch in Abu Dhabi, UAE.
“The Central Bank of the United Arab Emirates has announced that it has decided to revoke the license of MTS Bank in Abu Dhabi,” the statement said.
Regarding the reasons for withdrawing the license, the Central Bank of the Emirates indicated that “this decision was taken after considering the available options regarding the new status of MTS Bank, as well as taking into account the risks of penalties associated with the bank.”
According to the statement, MTS, under the supervision of the UAE Central Bank, will have to reduce its activities within six months from the date of the decision, and close its branch in the UAE.
The UAE Central Bank added that during the liquidation period, the branch will be prevented from opening new accounts and carrying out operations, with the exception of paying previously due obligations.
The decision to revoke the license comes after the Russian bank was included last February in the US sanctions list.
MTS is a financial technology unit of Mobile Telesystems, one of the largest mobile operators in Russia.
This article was originally published by RT.