Due to the Western sanctions imposed on Russia's largest bank in July, Sberbank is closing its subsidiary in the United Arab Emirates. This is what one of the directors of the establishment, excluded from the international Swift network, informs.

Sberbank opened its subsidiary just two years ago in Abu Dhabi. The vice-president of this financial company, Alexander Vedyakhin, spoke of serious constraints due to sanctions, in a country that has become a refuge for many wealthy Russian citizens.

The fear of being excluded from the American market as is the case for Abu Dhabi deters companies from working with sanctioned entities, even in countries that have not adopted them. Faced with this closure, the head of the largest Russian bank remains hopeful that he will be able to withdraw to the Chinese market. According to Alexander Vedyakhin, active negotiations are under way with the authorities in Beijing to open a subsidiary there by the end of 2023.