The US has increased pressure on the UAE, wealthy Russians run from Dubai because of problems with banks - the media

Under US pressure, banks in the UAE increase requirements and close accounts, and the cost of living in Dubai has increased greatly. Arriving Russians reduce investments and return to the Russian Federation. Dubai loses its attractiveness to wealthy Russians, and the UAE banks have declared an increase in efforts to meet the requirements of the United States. About it reports Bloomberg.

Bankers, executives and investment professionals have told that the flow of Russian money into the united Arab Emirates, part of which is Dubai, demonstrates the signs of slowdown. None of them predicts large -scale outflow of cash in the UAE, but executives say they seem to have absorbed most of the benefits of Russian money and are unlikely to see a greater inflow. The cost of living in the brilliant Emirate increases sharply, and its banks are more severe in the application of US sanctions.

Some arrived Russians consider moving to other countries or even returning home, as the increase in the number of immigrants to Dubai increases rent and daily costs. Unlike the US and the EU, the Gulf country does not apply sanctions against Russia. Russian organizations that open bank accounts are now more likely to check local banks as UAEs undergo increased pressure from the United States on possible evasion.

Basted banks, including Emirates NBD Bank PJSC, Mashreqbank PSC and First Abu Dhabi Bank PJSC, have increased control over Russian structures and have tried to ensure more compliance with US sanctions in recent months. Dubai bankers stated that although the average middle -class Russians who did not fall under sanctions did not face serious problems with the opening of accounts, several Russians who came under sanctions refused.

Some of the political supporters or ties with persons who have been sanctioned also had problems with bank accounts. We will remind, on March 21, The Moscow Times reported that major Chinese banks stopped accepting payments in Yuani from Russia and began to return such transactions to customers. The refusal to accept payments in Yuan will complicate payments for Russian companies that are forced to open accounts in "friendly" countries that do not fall under the sanctions of the event.