Thu 17 March 2022:
The United Arab Emirates is keen to cooperate with Russia on bolstering global energy security, UAE Foreign Minister Sheikh Abdullah bin Zayed said.
The UAE official said in televised comments he planned to discuss the crises in Ukraine, Syria, Yemen and Iran during his visit to Russia.
Abu Dhabi has signalled that it is trying to pursue a balancing act between the United States and its European partners on one side, and Russia on the other.
The UAE, which was already home to 40,000 Russian nationals before the outbreak of war, abstained from a US-drafted United Nations Security Council resolution condemning Russia’s actions in Ukraine, an indication that the UAE is prioritising good ties with Vladimir Putin’s government above catering to Western interests in Ukraine. It has also reportedly assured Russia that it will not enforce sanctions against it unless required to do so by the UN, a scenario that is unlikely considering Russia’s veto on the Security Council.
UAE and some other Arab states do not want to burn bridges with Moscow in response to the war in Ukraine. These countries see their national interests best served by maintaining close partnerships with Russia long after the war ends.
Paying a price
The UAE may already be paying a price for not aligning with the West against Moscow vis-à-vis Ukraine.
The Financial Action Task Force (FATF)’s decision earlier in March to add the UAE to a global watch list for money laundering and terrorism financing has forced foreign banks to contend with heavier compliance burdens, which threatens to undermine the UAE’s reputation as a regional financial centre and investment haven. To some extent, this might also weaken the country’s ability to compete with Saudi Arabia for foreign investment and regional trade.
There is good reason to believe that the designation was at least partly connected to Abu Dhabi’s “neutrality” in the Russia-Ukraine war. Following the March 4 meeting when the FATF added the UAE to the list, the Paris-based intergovernmental organisation warned jurisdictions of the need to remain vigilant in the face of money laundering associated with Russia’s invasion of Ukraine.
In response to the FATF’s designation, Emirati state media stressed the UAE’s commitment to combatting money laundering and terrorist financing.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
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