Russia and Ukraine: Rich Russians resort to Dubai to escape Western sanctions

  • Samir Hashemi
  • Middle East Business and Trade Correspondent

picture released, Getty Images

Dubai has emerged as a safe haven for wealthy Russians looking to avoid Western sanctions imposed on their country after its war on Ukraine.

In unprecedented numbers, billionaires and Russian entrepreneurs have arrived in the United Arab Emirates, according to the BBC’s heads of companies.

Russians’ purchases of real estate in Dubai jumped by 67% during the first three months of 2022, according to a report.

The UAE did not impose sanctions on Russia, nor did it criticize its invasion of Ukraine, in addition to providing entry visas to Russians who were not subjected to sanctions, unlike what many Western countries have taken to take restrictive measures against these Russians.