The United Arab Emirates has said it is careful not to violate sanctions imposed by its Western allies on Russia over the war in Ukraine, after a Wall Street Journal (WSJ) report claimed the country was aiding Moscow by providing an outlet for Russian money.
A UAE official, however, said the country has a robust process to deal with sanctioned people and companies, and is in close contact with the United States and the European Union about the war’s implications for the global economy.
The official, quoted by the outlet, added that Emirati banks monitor compliance with sanctions imposed on Russia to prevent violations of international law.
“The ongoing global climate has led to financial and investment inflows to the UAE, given the country’s reputation as a stable global investment hub,” the official said. “We will continue to take these responsibilities extremely seriously, especially given the current geopolitical landscape.”