April 16, 2023

Financial Paradise Lost?


Financial Paradise Lost?
Sunset behind the Burj Khalifa in Dubai. Dubai, Instagram.

The second-largest bank in the United Arab Emirates, NBD, has decided to block investment accounts from Russians, including those with residency in the UAE, citing pressure from EU depositories. This news comes as, only days prior, leaked US intelligence expressed concern that its ally was getting too close to the Kremlin.

After the invasion of Ukraine, the UAE welcomed a massive influx of middle-class and elite Russians moving to the country and investing in its real estate. Recently, leaked US classified documents detailed Russian intelligence officials bragging about convincing the Emiratis to conspire against the US and the UK. 

Soon after these developments, Russians with accounts in NBD began receiving letters announcing that their assets would be transferred to separate accounts and that they could not withdraw their funds. The measure only makes exceptions for EU-, European Economic Area-, or Swiss-Russian residents.

NBD cites its need to comply with the requirements of EU depositories that it works with, Clearstream and Euroclear, as the reason for its actions. Both banks suspended operations with the Russian National Settlement Depository shortly after the war in Ukraine started. However, after introducing restrictions for Russian citizens, European banks, including Euroclear, suggested they transfer their assets to a "friendly jurisdiction."

No other Emirati banks have announced similar measures.

 

 

 

You Might Also Like

Concert Confusion
  • March 29, 2023

Concert Confusion

A popular singer's concerts have been canceled after being blacklisted by Russia.
No Money, Only War
  • March 29, 2023

No Money, Only War

Russian authorities blame the "special military operation" for the disruption of infrastructural and social projects.
Dubai is the New Vologda
  • January 17, 2023

Dubai is the New Vologda

A United Russia legislator pretended to be in Vologda but was actually in Dubai. A picture with Ksenia Shoigu gave him away.
Like this post? Get a weekly email digest + member-only deals

Some of Our Books

The Samovar Murders

The Samovar Murders

The murder of a poet is always more than a murder. When a famous writer is brutally stabbed on the campus of Moscow’s Lumumba University, the son of a recently deposed African president confesses, and the case assumes political implications that no one wants any part of.
A Taste of Chekhov

A Taste of Chekhov

This compact volume is an introduction to the works of Chekhov the master storyteller, via nine stories spanning the last twenty years of his life.
Faith & Humor: Notes from Muscovy

Faith & Humor: Notes from Muscovy

A book that dares to explore the humanity of priests and pilgrims, saints and sinners, Faith & Humor has been both a runaway bestseller in Russia and the focus of heated controversy – as often happens when a thoughtful writer takes on sacred cows. The stories, aphorisms, anecdotes, dialogues and adventures in this volume comprise an encyclopedia of modern Russian Orthodoxy, and thereby of Russian life.
Murder and the Muse

Murder and the Muse

KGB Chief Andropov has tapped Matyushkin to solve a brazen jewel heist from Picasso’s wife at the posh Metropole Hotel. But when the case bleeds over into murder, machinations, and international intrigue, not everyone is eager to see where the clues might lead.
The Little Humpbacked Horse (bilingual)

The Little Humpbacked Horse (bilingual)

A beloved Russian classic about a resourceful Russian peasant, Vanya, and his miracle-working horse, who together undergo various trials, exploits and adventures at the whim of a laughable tsar, told in rich, narrative poetry.
The Frogs Who Begged for a Tsar (bilingual)

The Frogs Who Begged for a Tsar (bilingual)

The fables of Ivan Krylov are rich fonts of Russian cultural wisdom and experience – reading and understanding them is vital to grasping the Russian worldview. This new edition of 62 of Krylov’s tales presents them side-by-side in English and Russian. The wonderfully lyrical translations by Lydia Razran Stone are accompanied by original, whimsical color illustrations by Katya Korobkina.
Bears in the Caviar

Bears in the Caviar

Bears in the Caviar is a hilarious and insightful memoir by a diplomat who was “present at the creation” of US-Soviet relations. Charles Thayer headed off to Russia in 1933, calculating that if he could just learn Russian and be on the spot when the US and USSR established relations, he could make himself indispensable and start a career in the foreign service. Remarkably, he pulled it of.
Fearful Majesty

Fearful Majesty

This acclaimed biography of one of Russia’s most important and tyrannical rulers is not only a rich, readable biography, it is also surprisingly timely, revealing how many of the issues Russia faces today have their roots in Ivan’s reign.
The Latchkey Murders

The Latchkey Murders

Senior Lieutenant Pavel Matyushkin is back on the case in this prequel to the popular mystery Murder at the Dacha, in which a serial killer is on the loose in Khrushchev’s Moscow...
Jews in Service to the Tsar

Jews in Service to the Tsar

Benjamin Disraeli advised, “Read no history: nothing but biography, for that is life without theory.” With Jews in Service to the Tsar, Lev Berdnikov offers us 28 biographies spanning five centuries of Russian Jewish history, and each portrait opens a new window onto the history of Eastern Europe’s Jews, illuminating dark corners and challenging widely-held conceptions about the role of Jews in Russian history.

About Us

Russian Life is a publication of a 30-year-young, award-winning publishing house that creates a bimonthly magazine, books, maps, and other products for Russophiles the world over.

Latest Posts

Our Contacts

Russian Life
73 Main Street, Suite 402
Montpelier VT 05602

802-223-4955