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

At the Circus (bilingual)

At the Circus (bilingual)

This wonderful novella by Alexander Kuprin tells the story of the wrestler Arbuzov and his battle against a renowned American wrestler. Rich in detail and characterization, At the Circus brims with excitement and life. You can smell the sawdust in the big top, see the vivid and colorful characters, sense the tension build as Arbuzov readies to face off against the American.
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.
Maria's War: A Soldier's Autobiography

Maria's War: A Soldier's Autobiography

This astonishingly gripping autobiography by the founder of the Russian Women’s Death Battallion in World War I is an eye-opening documentary of life before, during and after the Bolshevik Revolution.
Turgenev Bilingual

Turgenev Bilingual

A sampling of Ivan Turgenev's masterful short stories, plays, novellas and novels. Bilingual, with English and accented Russian texts running side by side on adjoining pages.
The Little Golden Calf

The Little Golden Calf

Our edition of The Little Golden Calf, one of the greatest Russian satires ever, is the first new translation of this classic novel in nearly fifty years. It is also the first unabridged, uncensored English translation ever, and is 100% true to the original 1931 serial publication in the Russian journal 30 Dnei. Anne O. Fisher’s translation is copiously annotated, and includes an introduction by Alexandra Ilf, the daughter of one of the book’s two co-authors.
Steppe / Степь (bilingual)

Steppe / Степь (bilingual)

This is the work that made Chekhov, launching his career as a writer and playwright of national and international renown. Retranslated and updated, this new bilingual edition is a super way to improve your Russian.
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...
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.
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.
Stargorod: A Novel in Many Voices

Stargorod: A Novel in Many Voices

Stargorod is a mid-sized provincial city that exists only in Russian metaphorical space. It has its roots in Gogol, and Ilf and Petrov, and is a place far from Moscow, but close to Russian hearts. It is a place of mystery and normality, of provincial innocence and Black Earth wisdom. Strange, inexplicable things happen in Stargorod. So do good things. And bad things. A lot like life everywhere, one might say. Only with a heavy dose of vodka, longing and mystery.

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