Rich Exiles Put Dubai in Spotlight - Bloomberg
Dubai’s position as the financial capital of the Middle East is drawing scrutiny as the U.S. and Europe ratchet up pressure on Russia following Moscow’s invasion of Ukraine.
While the United Arab Emirates has long been an investment destination for wealthy Russians, it’s becoming more appealing as other countries sever relations with Moscow.
Their previously favored locales, including the U.K., Switzerland and the Cayman Islands, have sanctioned Russian banks, seized mansions and impounded super-yachts.
The flow of Russian money into the UAE through cash transfers and crypto wallets picked up as tension between Russia and Ukraine escalated, people with direct knowledge of the matter said.
Officials in the UAE must now grapple with a dilemma. They can join the global effort to clamp down on Russian assets at the expense of losing out on money flows that have helped underpin the economy. Or they can try to maintain the confidentiality that traditional havens could no longer sustain, and risk upsetting traditional allies such as the U.S.
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