Russian Cash and Trade Drawn to Dubai by Low Taxes, No Sanctions
DUBAI—The Middle East city-state of Dubai is fast becoming the international hub of choice for Russian companies and wealthy individuals seeking to run their businesses and protect their money while avoiding sanctions over the invasion of Ukraine.
Russia’s largest oil-tanker company has set up shop and Russians are investing in Dubai’s luxury apartments. Dubai has also drawn commodity traders, startups and employees of Western companies leaving Russia.
Behind the moves is the decision by the United Arab Emirates and its main commercial city to not enforce U.S. and European sanctions on Russia, as they try to maintain a neutral stance in the war despite their longtime security partnership with Washington.
Those moving to Dubai have found an already-thriving community of about 100,000 Russian speakers and other benefits, such as relatively easy immigration laws and no income tax. Russian tourism has also doubled this year, as flights between Moscow and the U.A.E. continue.
https://www.wsj.com/articles/russian-cash-and-trade-drawn-to-dubai-by-low-taxes-no-sanctions-11654092808
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