March 07, 2022

Russians look to UAE to escape economic turmoil as sanctions bite

Source: The Middle East Eye

Journalist: Sean Mathews

"The first question I have when Russian clients call me is 'where is the money?'" Almas, a real estate broker in Dubai, told Middle East Eye.

The 55-year-old Russian speaker, who hails from a country in the former Soviet Union, says he has been inundated with calls from Russians desperately looking to buy property in the UAE as Western sanctions start to bite and the rouble plummets.
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"The UAE is no stranger to sanctions on third countries, especially Iran, now we are seeing indications of potential Russian holdings there. This will not help in efforts to address illicit financial flows," Alex Zerden, a former Treasury Department official in the Obama and Trump administrations, told MEE.

Read more from The Middle East Eye.

Authors

  • Alex Zerden

    Adjunct Senior Fellow, Energy, Economics, and Security Program, Founder, Capital Peak Strategies

    Alex Zerden is the founder of Capitol Peak Strategies, a risk advisory firm based in Washington, DC. Capitol Peak works with leading financial institutions, companies and orga...