Sanctions pressure to force Russia's Sberbank to close UAE office, company says

Russia's dominant lender Sberbank will be forced to close its office in the United Arab Emirates (UAE) early next year, First Deputy Chairman Alexander Vedyakhin said on Monday, blaming sanctions pressure.

Vedyakhin said Sberbank would continue working in the UAE market in some capacity and hoped to open a branch in China by the end of 2023.