Banks of the United Arab Emirates, which were previously one of the key anti -sanctal "hubs" for Russian business, dramatically increased the audits of Russian companies. This was the result of a new wave of sanctions on the part of the United States, which touched 50 financial institutions, including the State Gazprombank.
The Russian business, which actively used Dubai banks after the start of the war, faced serious payments. According to lawyers and representatives of companies, the average term of payments through the UAE banks has increased from 1-3 days to two weeks, and in some cases-up to 30 days. Sometimes the money is hung in the system, returned back or even lost.
The situation with transactions has deteriorated significantly in November. New sanctions have forced the UAE banks to review the interaction schemes and to strengthen payments checks, especially those passing through correspondent accounts. Business representatives say that about half of transactions are now returned or made with significant delays. Payments for such categories as electronics, servers, IT services and industrial equipment were especially problematic. In these directions, some banks have stopped processing payments.
Russian entrepreneurs believe that if the situation does not change, it can lead to serious consequences for the domestic market. Already in December, a shortage of imported goods is possible as suppliers face payment problems. Many companies complain that their financial transactions have been actually blocked.
This situation is a serious blow to Russian business, which, after imposing international sanctions, sought new financial pathways through the UAE. Companies are now forced to look for alternatives or consider curtailing operations that threaten access to Russian consumers to imported goods.
