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.
White Magic

White Magic

The thirteen tales in this volume – all written by Russian émigrés, writers who fled their native country in the early twentieth century – contain a fair dose of magic and mysticism, of terror and the supernatural. There are Petersburg revenants, grief-stricken avengers, Lithuanian vampires, flying skeletons, murders and duels, and even a ghostly Edgar Allen Poe.
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.
Dostoyevsky Bilingual

Dostoyevsky Bilingual

Bilingual series of short, lesser known, but highly significant works that show the traditional view of Dostoyevsky as a dour, intense, philosophical writer to be unnecessarily one-sided. 
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...
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.
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 Pet Hawk of the House of Abbas

The Pet Hawk of the House of Abbas

This exciting new trilogy by a Russian author – who has been compared to Orhan Pamuk and Umberto Eco – vividly recreates a lost world, yet its passions and characters are entirely relevant to the present day. Full of mystery, memorable characters, and non-stop adventure, The Pet Hawk of the House of Abbas is a must read for lovers of historical fiction and international thrillers.  
Chekhov Bilingual

Chekhov Bilingual

Some of Chekhov's most beloved stories, with English and accented Russian on facing pages throughout. 
Marooned in Moscow

Marooned in Moscow

This gripping autobiography plays out against the backdrop of Russia's bloody Civil War, and was one of the first Western eyewitness accounts of life in post-revolutionary Russia. Marooned in Moscow provides a fascinating account of one woman's entry into war-torn Russia in early 1920, first-person impressions of many in the top Soviet leadership, and accounts of the author's increasingly dangerous work as a journalist and spy, to say nothing of her work on behalf of prisoners, her two arrests, and her eventual ten-month-long imprisonment, including in the infamous Lubyanka prison. It is a veritable encyclopedia of life in Russia in the early 1920s.
Moscow and Muscovites

Moscow and Muscovites

Vladimir Gilyarovsky's classic portrait of the Russian capital is one of Russians’ most beloved books. Yet it has never before been translated into English. Until now! It is a spectactular verbal pastiche: conversation, from gutter gibberish to the drawing room; oratory, from illiterates to aristocrats; prose, from boilerplate to Tolstoy; poetry, from earthy humor to Pushkin. 

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