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Russian Billionaires Storm Dubai To Avoid Sanctions

Wealthy Russians have started embarking on a journey to Dubai to avoid the impact of western sanctions over the war in Ukraine.

According to business leaders, Russian billionaires and entrepreneurs have been arriving in the United Arab Emirates (UAE) in unrivalled numbers, BBC reports.

It has also been revealed in a report that in the first three months of 2022, this development has increased the rate at which Russians are purchasing properties in Dubai by 67%.

Meanwhile, the UAE has not put sanctions on Russia or criticised its invasion of Ukraine since the billionaires started making this move.

It is also providing visas to non-sanctioned Russians while many Western countries have restricted them.

Considering the effects of the war, in Ukraine on Russia, sources say hundreds of thousands of people have left Russia over the last two months.

However, the war which has triggered reactions and comments from concerned persons globally, has also prompted a Russian economist to conclude that at least 200,000 Russians had left in the first 10 days after the war began.

Interestingly, business management consultant in Dubai, Virtuzone has confirmed a huge increase of Russian clients.

In reaction to the move by Russian billionaires, the chief executive of the firm which helps companies to set up operations in Dubai, George Hojeige said,

“We are receiving five times more enquiries from Russians since the war began,”

“They are worried about an economic meltdown that’s coming. That is why they are moving here to secure their wealth.”

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