Wealthy Russians Flee to Dubai to Escape Ukraine War 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) Via Daily Trust

Wealthy Russians Flee to Dubai to Escape Ukraine War Sanctions

Dubai has emerged as a haven for wealthy Russians fleeing the impact of western sanctions over the war in Ukraine.

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

Property purchases in Dubai by wealthy Russians has surged by 67% in the first three months of 2022, according to a report.

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

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

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

One Russian economist said as many as 200,000 Russians had left in the first 10 days after the war began.

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

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

Dubai-based real estate agency betterhomes found that property purchases by Russians surged by two thirds in the first three months of 2022.

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