Ukraine crisis: Russian billionaires flee country to Dubai to avoid sanctions | Dailytrust

Ukraine crisis: Russian billionaires flee country to Dubai to avoid sanctions

This picture taken on July 8, 2020 shows an aerial view of the Burj al-Arab hotel in the Gulf emirate of Dubai, during a government-organised helicopter tour. (Photo by KARIM SAHIB / AFP) (Photo by KARIM SAHIB/AFP via Getty Images)
This picture taken on July 8, 2020 shows an aerial view of the Burj al-Arab hotel in the Gulf emirate of Dubai, during a government-organised helicopter tour. (Photo by KARIM SAHIB / AFP) (Photo by KARIM SAHIB/AFP via Getty Images)

Dubai has is witnessing an unprecedented influx Russian billionaires, fleeing western countries to avoid sanctions.

BBC reports that the most populous city in the United Arab Emirates (UAE) is becoming a  haven for wealthy Russians.

According to business leaders in the city, Russian billionaires and entrepreneurs have been arriving in the UAE in unprecedented numbers.

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

The UAE has not put sanctions on Russia or criticised its invasion of Ukraine.

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

It is estimated that hundreds of thousands of people have left Russia over the last two months – although exact figures are not available.

Virtuzone, which helps companies to set up operations in Dubai, has seen a huge surge of Russian clients.

“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,” said chief executive George Hojeige.

The report added that the influx of Russian nationals has bolstered demand for luxury villas and apartments across the city, as real estate agents report a surge in property prices, as Russians arriving in Dubai are looking to purchase homes.

Dear Reader,
Every day, we work hard to provide readers such as you with the most accurate, up-to-date, and comprehensive information. Quality journalism costs money. Today, we're asking that you support us to do more. Your support means that Daily Trust can keep offering journalism to everyone in the world. Sign up for as little as N1,000 to become a member. Learn more about our membership here

Bank transfers can be made to:
Zenith Bank
1017257739
Media Trust Ltd


Please send details of your bank transfer to the email or Whatsapp number below so that we can contact you.

If you have any questions, please let us know.

Inquiries:
Email: membership@dailytrust.com
Whatsapp: +234 806 990 3410