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

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.
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.
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.
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.
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 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.
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.
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 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.  
Okudzhava Bilingual

Okudzhava Bilingual

Poems, songs and autobiographical sketches by Bulat Okudzhava, the king of the Russian bards. 

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