UAE has become a destination for Russian businesspeople seeking to avoid Western sanctions. Russians are using the UAE as a base to conduct business, transfer funds, and invest, potentially undermining the impact of sanctions imposed by Western countries. According to the sources, it has been revealed that the UAE is helping Russia to evade international sanctions. The UAE has defied the world on global matters, most notably on Russia’s invasion of Ukraine. Abu Dhabi has launched to help Russia overcome Western sanctions conceived to undermine its will to fight.
It has come to light that Russian businesses are utilising the UAE as a ground to avoid such sanctions and continue their operations. Wealthy Russians have been using for the UAE golden visa scheme, which allows applicants to gain long-term residency there. The flocking of Russians to Dubai has indicated that billions of potentially sanctionable dollars and euros have been transferred to the emirate. Additionally, UAE is helping Russian traders to circumvent the Western financial markets blockade via Emirati’s stock exchanges to stay in business. Western leaders took steps to Halt UAE’s Trade with Russia but nothing much changed despite their joint efforts.
Russians use the UAE’s lenient financial transparency regulations and data secrecy regarding capital flows to utilise cryptocurrencies for sanctions evasion. It is a direct violation of international norms as the UAE is backing Russia to undermine sanctions and helping Moscow to uphold war against Ukraine.
We are deeply concerned that Russia keeps obtaining the technologies that have been embargoed in support of its war and keeps getting aid to finance its war. We are specifically worried about gains in trade with Russia in the interests that can be used on the battlefield and those aiding specified Russian entities. The more they can evade sanctions, the longer Russia can pursue this war. We urge Global leaders and institutions to note these developments and contain the UAE’s support to Aggressive Russia.
