Dubai's largest bank ENBD starts blocking Russians' investment accounts

The bank will transfer Russian assets to special accounts, but customers will not be able to withdraw funds.

Emirates NBD (ENBD), the second largest bank in the UAE, has started sending letters to its Russian clients warning that if they are not residents of the EU, Switzerland or the European Economic Area, their assets will be transferred to a separate account with restrictions on cash transfers, according to New Izv.

Two clients of the bank confirmed that they had received such letters, and sources in the banking market confirmed the fact of sending such messages.

The bank's clients will be required to use a special segregated account to receive coupons, dividends and proceeds from the sale of securities.

They will not be able to transfer these assets to their ENBD account.