Dubai's largest bank ENBD has started blocking investment accounts of Russians

[5K1PP3R]

https://en.newizv.ru/news/2023-04-1...ocking-investment-accounts-of-russians-404326The bank will transfer Russian assets to special accounts, but customers will not be able to withdraw funds.
Emirates NBD (ENBD), the second largest bank in the UAE, has started sending letters to its Russian clients warning that if they are not residents of the EU, Switzerland or the European Economic Area, their assets will be transferred to a separate account with restrictions on cash transfers. Two clients of the bank confirmed that they had received such letters, and sources in the banking market confirmed the fact of sending such messages, writes Forbes.

@Fred, how will it affect us, your Russian clients?

 

[TheCryptoAnt]

Two clients of the bank confirmed that they had received such letters

Do they live in UAE?

 

[5K1PP3R]

from another source: There are no exceptions for Russian clients with residency in the UAE.

 

[JohnnyDoe]

Safe banks do not exist. Try to block btc/xmr

 

[USDT]

In a letter to customers, the bank indicates that any coupons and dividends, as well as proceeds from the sale of securities, will fall into a segregated account. A Russian client will not be able to transfer them to their ENBD account.

It is a translation of a fragment from an article in Forbes. That is, while we are talking about investments made through ENBD, but not about ordinary bank accounts. But the trend is bad.

 

[Forester]

Well, this seems to me as a serious issue. I wonder about evt. @Fred's input and generally more information how it goes...

 

[csp dubai]

it was a trap made by usa, only stupid russian do not understand that,
step 1 declare every one welcome,
step 2 open account and facillite the incoming of funds to dubai
step 3 sell the property like candies at inflate price ,
step 4 uncle sam come in and say freeze everthing game over

I was in a party om megayacht last year , all russians oligarchs was there the son of dubai sheik come in , say very wellcome you are wellcome to bring all cash to dubai, than the friends come distribuite visit cards ,
If you want bring cash we will organise directly with sheik private office , you give cash sheik give you check minus 2%, voila
money cleaned

Is clear was a trap
good luck every one trusting the beduins

 

[Fred]

https://en.newizv.ru/news/2023-04-1...ocking-investment-accounts-of-russians-404326The bank will transfer Russian assets to special accounts, but customers will not be able to withdraw funds.
Emirates NBD (ENBD), the second largest bank in the UAE, has started sending letters to its Russian clients warning that if they are not residents of the EU, Switzerland or the European Economic Area, their assets will be transferred to a separate account with restrictions on cash transfers. Two clients of the bank confirmed that they had received such letters, and sources in the banking market confirmed the fact of sending such messages, writes Forbes.

@Fred, how will it affect us, your Russian clients?

Can't confirm this in real life - we are not aware of Account Closures or any other letters send out to any RU PP Holder with ENBD Account.

ENBD did onboard in the past non-resident Personal Bank Accounts as well - so it can be very possible that they still have non-resident Accounts with Russian Address on it.

General speaking - yes of course - the climate for Russian Passport Holders is not becoming better - and the options nowadays are much less then 1 year ago - so we are happy that most guys here in the forum listened to our advise that historically the banking in the UAE was year by year becoming more difficult - the latest license revoke of MTS Bank in Abu Dhabi just confirms this.

https://www.centralbank.ae/media/vf...icence-of-mts-bank-branch-in-abu-dhabi-en.pdf
However as of now - we are still able to open Personal and Business Bank Accounts in UAE for RU PP Holder - BUT it is everything else then streamlined and the banks are more reluctant nowadays.

it was a trap made by usa, only stupid russian do not understand that,
step 1 declare every one welcome,
step 2 open account and facillite the incoming of funds to dubai
step 3 sell the property like candies at inflate price ,
step 4 uncle sam come in and say freeze everthing game over

I was in a party om megayacht last year , all russians oligarchs was there the son of dubai sheik come in , say very wellcome you are wellcome to bring all cash to dubai, than the friends come distribuite visit cards ,
If you want bring cash we will organise directly with sheik private office , you give cash sheik give you check minus 2%, voila
money cleaned

Is clear was a trap
good luck every one trusting the beduins

oh boy....

 

[Forester]

Thanks for the input, @Fred.
Nevertheless, as I doubt that the information from Forbes quoted above is fake, it's perhaps worth being really attentive
Any more information is welcome.

 

[csp dubai]

what do you think us do not have any power to seise russiuan funds in dubai, the us as permanent troops in the gulf , in 5 minutes they can get the beduins to bow at uncle sam feet , just question of time, the arabs they are just puppet of the us trust me

 

[koohl]

They should have done it long time ago when all other banks in the World blocked Russia!

 

[Forester]

They should have done it long time ago when all other banks in the World blocked Russia!

A purely technical correction to the second part of the statement:

1) Only ~50 countries (mainly so-called Western), from ~200 that exist, adopted some economical sanctions against Russia and/or some Russians.
2) E.g. in EU countries, only some (yes, it's a majority) Russian banks are blocked and only some payments are blocked in general. Many EU countries still happily pay Russia for the gas, CZ,SK,HU even for the oil and trade with many commodities remains generally untouched. And for example Raiffeisenbank makes with Russia the very substantial part of its business.

 

[pomegranate]

A purely technical correction to the second part of the statement:

1) Only ~50 countries (mainly so-called Western), from ~200 that exist, adopted some economical sanctions against Russia and/or some Russians.
2) E.g. in EU countries, only some (yes, it's a majority) Russian banks are blocked and only some payments are blocked in general. Many EU countries still happily pay Russia for the gas, CZ,SK,HU even for the oil and trade with many commodities remains generally untouched. And for example Raiffeisenbank makes with Russia the very substantial part of its business.

On your first point: Sadly for Putin, these 50 "unfriendly countries" happen to be the ones with the highest GDP per capita and to represent about 60%+ of the world GDP

Going back to the subject on this thread, this is another worrying development after the addition to the EU blacklist, new accounting rules, rumours of income tax, etc... Difficult not to see a trend here.

 

[Fred]

Again after checking - no one received a letter.

Please report here should someone received a letter - I don't want to say it's fake news - I'm sure it's not but again I can't see anything on the ground.

 

[csp dubai]

i was last weeked in istambul with russian friend of mine , only one bank accept to open in him account , only for personal use, russians are forbiden open corporate accounts, all the commercial accounts will be closed , i suppose in dubai the same will happend

https://www.pravda.com.ua/eng/news/2024/02/19/7442486/just found this

 

[jafo]

i was last weeked in istambul with russian friend of mine , only one bank accept to open in him account , only for personal use, russians are forbiden open corporate accounts, all the commercial accounts will be closed , i suppose in dubai the same will happend

https://www.pravda.com.ua/eng/news/2024/02/19/7442486/just found this

Yep! I feel bad for your friend too. It's sad!

A lot of "low vibration" people perceive some of us as Pro-Russians or whatever makes them sleep better at night, but as John Brown once quipped in the early 1800s:

I'm NOT pro-anything or anyone. I'm anti-hypocrites!


He who robs the Russians, the Chinese, the North Koreans, the Iranians, etc., will one day (try) to ROB us too!
(c) Jafo 2024

 

[wellington]

Surely the smart thing for them to do is open in HK... China... etc

Then South East Asia...

 

[Alexmorgan]

Its too bad that world treat you depending on your nationality not on what you are as person

Me as African im suffering a lot when it come to banking system

Anyway UAE is under pressure from international society to comply with international standards in banking system which is controlled by USA

 

[Forester]

i was last weeked in istambul with russian friend of mine , only one bank accept to open in him account , only for personal use, russians are forbiden open corporate accounts, all the commercial accounts will be closed , i suppose in dubai the same will happend

https://www.pravda.com.ua/eng/news/2024/02/19/7442486/just found this

I do not question your experience in any way; and it is really sad.
Nevertheless, re: the quotation from the source УкÑаÑнÑÑка пÑавда.
„pravda“ means „truth“ in Russian and as far as I know, also in Ukrainian. Nowadays, the content of official/main Ukrainian media mostly represents the real opposite (as well as for the official Russian media); it is full of a clear propaganda (quite understandably, BTW). So I would interpret the claims about closing accounts belonging to Russians published there very carefully...

 

[JohnnyDoe]

I do not question your experience in any way; and it is really sad.
Nevertheless, re: the quotation from the source УкÑаÑнÑÑка пÑавда.
„pravda“ means „truth“ in Russian and as far as I know, also in Ukrainian. Nowadays, the content of official/main Ukrainian media mostly represents the real opposite (as well as for the official Russian media); it is full of a clear propaganda (quite understandably, BTW). So I would interpret the claims about closing accounts belonging to Russians published there very carefully...

One thing is правда and another is истина. Not everyone can see the latter.