Fearing West’s Wrath, Russia’s Rich Look to Stash Wealth in Dubai
Rich Russians are trying to shift some of their wealth from Europe to Dubai to shield assets from a tightening wave of Western sanctions on Russia over its invasion of Ukraine, financial and legal sources said. Dubai, the Gulf’s freewheeling financial and business hub, has long been a magnet for the globe’s ultra-rich and the United Arab Emirates’ refusal to take sides between Western allies and Moscow has signaled to Russians that their money is safe there. The UAE, which over the years has deepened its ties with Russia, has not matched sanctions imposed by Western nations and its central …