The months that have passed since its inception Russian invasion of Ukrainethe Dubai has become a haven for the rich Ρώσων who want to escape the impact that sanctions imposed by the European Union, the United States, the United Kingdom and their allies.
Russian tycoons and businessmen are constantly going to Dubai, according to a BBC report. It should be noted that the United Arab Emirates has not imposed sanctions on Russia nor has it condemned the Russian invasion. They also provide visas to Russian citizens who are not on Western sanctions lists.
According to the same img, a Russian economist puts in the 200,000 those who left the first ten days of the Russian invasion and went to Dubai. In the first three months of 2022, however, there was an increase in the real estate market of Russians by 67%, according to the BBC. Demand for luxury villas and apartments in Dubai is high. In addition, the demand for Russian-speaking employees to serve new customers has skyrocketed..
A company that provides support to companies trying to open offices in Dubai, notes that there is a significant increase in Russian customers. George Hoyage, its director, said: “They are worried that an economic collapse is coming. That’s why they move here to secure their wealth. “.
At the same time, several multinational companies as well as Russian start-ups are moving their employees to Dubai and the United Arab Emirates in general, far from the influence of Western sanctions.. These include Google, JP Morgan and Goldmann Sachs, according to the BBC.
“There is definitely a brain drain” said Fuad Fatouli, co-founder of WeWay, which previously had offices in Russia and Ukraine, and explained that many people were leaving because of increased work restrictions. The Russian Central Bank can not use the billions of its foreign exchange reserves located in banks abroad and at the same time many Russian banks have been removed from the Swift financial messaging system.
Source: News Beast
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