ISTANBUL

The UAE’s Central Bank on Friday said that it would revoke the license of Russia’s MTS Bank, which was added to a fresh round of sanctions by the US in February.

The Russian bank will have to wind down operations within six months, the central bank said in a statement.


The bank will be prohibited from opening new accounts and conducting transactions.

"This decision comes after considering the available options regarding the new status of the MTS Bank, and taking into account the sanctions risks associated with the bank after the designation," the statement said.


After Russia launched its war on Ukraine on Feb. 22, 2022, the US and EU imposed sanctions on many Russian individuals and entities.