DUBAI - The Central Bank of the United Arab Emirates has granted a licence to Russia's MTS Bank, according to information on its website.
MTS Bank is registered in Abu Dhabi and received the licence last year, the information shows.
It is a fintech unit of Russia's largest mobile operator Mobile TeleSystems. The Financial Times reported the approval from the central bank earlier on Wednesday.
Russians were the top non-resident buyers of residential property in Dubai in the third quarter, consultancy Betterhomes said in October, as they seek a safe haven from the Ukraine conflict.
The UAE, like Saudi Arabia, is a member of the OPEC+ oil alliance that includes Russia and has maintained good ties with Moscow.
(Reporting by Hadeel Al Sayegh; editing by Jason Neely)