Apr 04, 2023

Dubai second largest bank ENBD starts blocking Russian investment accounts

The bank clients started receiving letters warning them about transferring their assets to a separate segregated account if they are not residents of the EU, the European Economic Area or Switzerland.

The letter states that all kinds of coupons and dividends, as well as proceeds from security sales will also fall into a segregated account. It is not possible for a Russian client to transfer those funds to its ENBD account. The new account will also set limits on cash-based transfers.

ENBD clarifies that the restrictions are imposed in line with the "EU Directive". Here, there are no exceptions for the Russians who have residency in the UAE.