Sberbank Closed in UAE Too

Patria
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Sberbank Closed in UAE Too

(Patria) - Russia's largest creditor Sberbank will be forced to close its office in the United Arab Emirates (UAE) early next year, said the first deputy chairman of the bank, Alexander Vedyakhin, according to Arab media.

He blamed Western sanctions, which are pressuring the bank's operations, for this decision by the Russian bank. However, Vedyakhin said that Sberbank will continue to operate in the UAE market in a certain capacity.

Vedyakhin finally expressed hope that Sberbank will open its branch in China by the end of 2023.

Previously, Sberbank withdrew from a large number of countries around the world, especially those in Europe, due to Western sanctions.

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