Roman Abramovich Eyes Sanction-Free Dubai Property as Russians Flock to UAE - Bloomberg
In Dubai’s swankiest neighborhoods, property brokers say inquiries from Russians looking for villas and apartments are skyrocketing. Among them: Roman Abramovich, the tycoon who owns Chelsea Football Club.
While the Russian billionaire’s present whereabouts aren’t publicly known, he has in recent weeks been house hunting on Dubai’s Palm Jumeirah, a man-made, palm-shaped island dotted with luxury residences, according to people familiar with the matter.
The tycoon’s interest in the emirate is the latest sign of how more and more Russians are flocking to the city state as other favored jurisdictions increasingly sanction and shun some of their compatriots.
Lawyers for Russian businessmen say some are attempting to move assets to the United Arab Emirates, of which Dubai is a part. Specialist aviation sites have identified jets belonging to Russian tycoons, including that of Abramovich, coming to the city, though it is not known who was actually on board. The U.K. and European Union have placed sanctions on Abramovich, but there are none imposed by the UAE.
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