Fearing Western Sanctions, Rich Russians Shifting Wealth to Dubai

Rich Russians are trying to move funds from Europe to Dubai due to looming Western sanctions on Russa and its wealthier citizens over the current war in Ukraine, Reuters is reporting, citing financial and legal sources. The UAE, which has relations with both Russia and Ukraine, and is part of the OPEC+ energy alliance with Russia, has not imposed the same deep sanctions on Russia as the West, and is seen as a safe place for Russians to put their assets. The funds are being transferred from places in Europe including London and Switzerland, which have levied heavy sanctions on Russia and Russians. Dubai is already a popular tourism destination for Russians, and many Russians have purchased real estate in the Emirate, according to the report. “The UAE is a nice medium – a few hours away by flight and doesn’t have a regulator completely in cahoots with Western regulators,” an investment management professional told Reuters.