A UAE official, in response to Reuters' request for comment, said the country "strictly abides by UN sanctions and has clear and robust processes in place to deal with sanctioned entities." The UAE, a member of the OPEC+ oil alliance that includes Russia, has maintained good ties with Moscow despite Western pressure to help to isolate Russia over the invasion of Ukraine that began in February 2022. It has not matched global sanctions imposed on Moscow. The UAE official added the UAE remained in close dialogue with international partners including the U.S. and European Union about the conflict in Ukraine and its implications for the global economy. "UAE banks, under the supervision of the Central Bank and other relevant authorities, monitor compliance with sanctions imposed on Russia to prevent violations of international law," the UAE official said.

Source: Wall Street Journal September 04, 2023 19:45 UTC