EXCLUSIVE UAE's Mashreqbank halts Russian bank loans over credit concerns -sources | Reuters
Dubai's Mashreqbank (MASB.DU) has stopped lending to Russian banks and is reviewing its existing exposure to the country as a result of heightened risks following Moscow's invasion of Ukraine, two sources familiar with the matter told Reuters.
The move is one of the first reported instances of a bank in the Middle East halting ties to Russia and underscores growing global nervousness about falling foul of Western sanctions.
Mashreqbank declined to comment on the move, which comes as banks around the world wind down ties with Russian lenders after a spate of new sanctions announced by the United States, Britain, the European Union and Canada, including blocking access to the SWIFT international payment system for some banks.
Russian financial institutions (FIs) were part of the emerging market loan portfolio that Mashreqbank had grown in recent years to expand beyond the Middle East, the sources said.
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