Bank accounts of Coral Energy, Voliton and Bellatrix, Pontus Trading companies subject to US sanctions were closed by Emirates NBD Bank

[+Coral Energy 12]

Emirates NBD has instructed the closure of accounts held by Coral, Voliton, Bellatrix, and another Eyyub-associated firm, Pontus Trading. While the bank declined to comment on specific clients, it emphasized its commitment to combat financial crime and money laundering, as well as its compliance with international sanctions. The bank stated that it collaborates closely with regulators and law enforcement agencies in the UAE and other relevant jurisdictions to uphold these priorities.https://www.wsj.com/finance/banking/russias-backdoor-to-the-global-banking-system-is-slamming-shut-49bf5c53

 

Spoiler

https://whttps://www.w

Spoiler

 

sj.com/finance/banking/russias-backdoor-to-the-global-banking-system-is-slamming-shut-49bf5c53ww.wsj.com/finance/banking/russias-backdoor-to-the-global-banking-system-is-slamming-shut-49bf5c53

 

The geopolitical maneuvering between the United States, Europe, and Russia regarding financial ties and sanctions has been ongoing since Russia’s invasion of Ukraine in 2022. In response to efforts to sever Russia from the Western financial system, Moscow has sought alternative routes through banks in the Gulf and Europe. However, recent developments suggest that Washington’s efforts to close these loopholes are having an impact.

Dubai’s main state-owned bank, Emirates NBD, has taken steps to shut down some accounts held by Russian oligarchs and traders of Russian oil. This move indicates a shift in the previously accommodating stance of Gulf-based banks toward Russia-related business. Turkish lenders are also becoming more cautious about handling such business. Additionally, U.S. officials have put bankers in Vienna on notice, signaling a broader effort to tighten the enforcement of sanctions.

Emirates NBD, which had become a central institution for Russian businesses and oligarchs seeking financial refuge after the invasion of Ukraine, has faced increased pressure from the U.S. government. The bank had been facilitating significant Russian oil trades and catering to Russian clients seeking to safeguard their wealth. However, recent sanctions and diplomatic efforts by the U.S., including visits by Treasury and State Department officials to the United Arab Emirates, have led to a change in Emirates NBD’s approach.

A spokesperson for Coral has emphasized strong relationships with banking partners, rejecting the notion of involvement with firms operated by Eyyub. However, representatives for Pontus, Bellatrix, and Voliton did not respond to requests for comment. Emirates NBD has also closed accounts held by Uralkali, a Russian fertilizer giant, and Ivan Tavrin, a sanctioned Russian businessman known for significant technology investments. Neither Uralkali, Tavrin, nor Tavrin’s Kismet Capital provided comments.

In addition to Emirates NBD, Banque Misr’s Dubai branch has closed accounts for Coral and other companies involved in the trading network. This small Egyptian lender was among those processing payments for the network but did not comment on the matter.

In Turkey, the U.S. has pushed Ankara to adjust its economic ties with Russia, penalizing Turkish companies for aiding Russian violations and urging compliance with sanctions. Turkish exporters have faced difficulties receiving payments from Russia, leading to a significant decline in exports to Russia. Russian officials have expressed concerns over Turkish banks’ refusal to process payments for Russian companies.

The U.S. has also targeted Austria, sending Treasury official Anna Morris to meet with government officials and banks like Raiffeisen Bank International. Raiffeisen is attempting to divest its Russian unit amid pressure to comply with sanctions. Despite these efforts, Russian oil exports have faced disruptions due to pressure on banks to restrict energy payments. However, Russian oil continues to flow freely.

Despite these challenges, the UAE was recently removed from the Financial Action Task Force’s gray list of noncompliant countries, indicating significant progress in addressing money laundering deficiencies.

 

 

https://sanctions.nazk.gov.ua/ru/sanction-person/26791/

Name in sanctions lists

Гараєв Тахір Гадір Огли
Гараев Тахир Гадир Оглы
Garaev Tahir

* Date and place
of birth

13.01.1980

Credentials

* TIN

521475784450

Reason for
imposing sanctions

Decree of the President of Ukraine dated 12.05.2023 № 279/2023