Wealthy Russians flee to Dubai to escape western sanctions 

In the face of Western Sanctions. 

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

Property purchases in Dubai by Russian Billionaire’s surged by 67% in the first three months of 2022, indicating the trend of fleeing by Russian oligarchs to prevent their loss of property by western imposed economic sanctions. 

The UAE has not made any opposition to Russia’s Invasion of Ukraine and acts as a Diplomatic ally oftentimes. UAE authorities are also issuing visas to non-sanctioned Russian oligarchs while many Western countries have put a ban on the travel of Russian citizens into the countries. 

According to foreign economists and experts, as many as 200,000 Russian citizens have left the country Within 10 days of Russia’s invasion of Ukraine. 

The fresh trend of exodus being seen within the wealthy rich population of Russia is the result of harsh economic sanctions imposed by N.A.T.O and E.U upon Russia because of their act of aggression in Ukraine. 

Russian citizens expect a severe economic meltdown and collapse of the nation’s financial system, thus a large trend of exodus-like behavior is being excited by civilians fleeing from Russia. 

Ally UAE 

Due to the unjust nature of the war, Russia’s allies are few and limited. UAE happens to be one of them. The increasing population of Russian Oligarchs has increased the demand for luxury villas and condos across the city.

Real estate agents in Dubai reported a surge in property prices, as Russians arriving in Dubai are looking to purchase their own homes. 

A real estate agency, Modern Living, told the press correspondents that they had hired many Russian-speaking agents to cater to rising demand.

The agency’s Chief executive Thiago Caldas said “Russians arriving in the country are not buying properties just for investment, some wish to look at Dubai as a second home, due to the economic sanctions imposed by the west, Russian Oligarchs have few places to turn to. 

Russian businesses were moving out as they were finding it incredibly difficult to operate due to sanctions. The challenge was even more acute for companies dealing with international clients and brands, as most western firms have severed ties with Russian-based enterprises, he said. 

Global businesses like Goldman Sachs, JP Morgan, and Google have shut down their offices in Russia, and are relocating some of their employees to Dubai. 

Conclusion 

The fleeing of wealthy Russians to escape western sanctions is turning into a trend with more and more people leaving the country every day. 

When regular Russian citizens to Oligarchs are expecting Russia to undergo severe Economic duress, citizens are striving to protect their wealth. 

Edited By: Khushi Thakur

Published By: Shubham Ghulaxe