FT: Western countries call on the UAE to stop exporting electronics to Russia

Western countries are “pushing” the United Arab Emirates (UAE) to stop exporting “critical goods” to Russia, reports Financial Times (FT). According to her sources, the West fears that electronics supplied by the UAE could be used by Moscow for military purposes.

The FT writes that officials from the United States, the European Union (EU) and the United Kingdom have visited the UAE in recent weeks to “clarify a wide range of trade restrictions” as well as pressure UAE officials to avoid violating sanctions. The US, in particular, is concerned that the UAE is supplying goods that “could be repurposed to aid Russia’s war effort.” Washington is particularly concerned about re-exports, through which the supply of goods is carried out through the UAE, bypassing restrictions.

Exports of electronic components from the UAE to Russia in 2022 grew more than seven-fold to nearly $283 million, according to Russian customs data. The UAE also exported 15 times more microchips to Russia last year than a year earlier, with trade products grew to $24.3 million compared to $1.6 million in 2021. In addition, the UAE exported 158 drones worth almost $600,000 to Russia, FT notes.

The EU countries asked the UAE for information on what exactly the Emirates export to Russia. “The UAE recognizes its critical role in protecting the integrity of the global financial system. The UAE takes this responsibility very seriously and has established clear and robust processes for dealing with entities under sanctions,” an Emirates official said.

The FT reported that in 2022 “tens of thousands” of Russians settled in the UAE, mostly in Dubai, but many of them complained of difficulties opening bank accounts. In February 2023, newspaper sources said that the UAE authorities issued a license to the Russian MTS Bank. The United States and European countries expressed concern about the financial interaction of the UAE with Russia.

Laura Keffer


Be the first to read breaking news on OopsTop.com. Today’s latest news, and live news updates, read the most reliable English news website Oopstop.com

Leave a Comment

%d bloggers like this: