Sber is closing its subdivision in the UAE

Sberbank is closing its office in Abu Dhabi, which had planned to become an "Islamic window", sources told Frank Media. It is now almost impossible for a sanctioned bank without access to the SWIFT system to operate in the region, says one of the state bankers interviewed by the newspaper. In his opinion, the big players hit by the sanctions will be able to work in the UAE either through medium and small banks or through local intermediaries.