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Dubai becomes the new 'shelter' of Russian oligarchs to escape sanctions

Politiko 2022-05-05 15:51:46

Dubai becomes the new 'shelter' of Russian oligarchs to escape

Dubai has become the new haven for wealthy Russians fleeing the impact of Western sanctions on the war in Ukraine.

Russian billionaires and entrepreneurs have arrived in the United Arab Emirates (UAE) in unprecedented numbers, business leaders told the BBC .

Property purchases in Dubai by Russians increased by 67% in the first three months of 2022, a report said.

The UAE has not imposed sanctions on Russia or criticized its occupation of Ukraine. It is also granting visas to unsanctioned Russians while many Western countries have restricted them.

It is estimated that hundreds of thousands of people have fled Russia over the past two months - although exact figures are not available.

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