Dubai seems to be emerging as a haven for Russian oligarchs and billionaires who are fleeing their country to avoid the West's sanctions in the wake of President Vladimir Putin’s Ukraine war.

According to a BBC report, property purchases in Dubai by Russians surged by 67 per cent in the first three months of 2022, with many more billionaires expected to arrive UAE in the upcoming months.

The report, quoting business leaders, has estimated that hundreds of thousands of people have left Russia over the last two months, although there are no exact figures to back is number.

Apart from that, many multinational companies and Russian start-ups have also relocated their employees to the UAE.

Fuad Fatullev, co-founder of WeWay - a blockchain technology company that had offices in Russia and Ukraine, has shifted hundreds of employees to Dubai.

"The war had a massive impact on our operations. We couldn't continue [as we were] as we had to move hundreds of people outside of Ukraine and Russia," Fuad, who is a Russian citizen, told BBC.

The reason behind this sudden exodus stems from the fact that UAE has so far not condemned Russia for its invasion and that it has been issuing visas to non-sanctioned Russians, unlike many Western countries who have restricted their arrival.

A Russian economist, whose name was not divulged by the BBC, claimed that as many as 200,000 Russians had left in the first 10 days after the war began.

Virtuzone, which helps companies to set up operations in Dubai, has seen a huge surge of Russian clients.

Also read |&nbsp;<a href="https://www.wionews.com/world/to-rebuild-ukraine-win-war-against-russia-zelensky-launches-a-crowdfunding-platform-476590" hreflang="en">To rebuild Ukraine, win war against Russia, Zelensky launches a crowdfunding platform</a>

"We are receiving five times more enquiries from Russians since the war began," chief executive George Hojeige was quoted as saying.

Also read |&nbsp;<a href="https://www.wionews.com/world/despite-the-ukraine-war-russian-gas-supplies-to-china-soar-by-60-in-2022-report-476197" hreflang="en">Despite the Ukraine war, Russian gas supplies to China soar by 60% in 2022: Report</a>

"They are worried about an economic meltdown that's coming. That is why they are moving here to secure their wealth," he added.

(With inputs from agencies)

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Decode the geostrategy, diplomacy, and ideologies of the world’s unending wars. Catch our special series ‘World at War’ every Saturday at 8:30 PM IST and Sunday at 10:30 PM IST only on WION.&nbsp;

Dubai seems to be emerging as a haven for Russian oligarchs and billionaires who are fleeing their country to avoid the West's sanctions in the wake of President Vladimir Putin’s Ukraine war.

Dubai seems to be emerging as a haven for Russian oligarchs and billionaires who are fleeing their country to avoid the West's sanctions in the wake of President Vladimir Putin’s Ukraine war. According to a BBC report, property purchases in Dubai by Russians surged by 67 per cent in the first three months of 2022, with many more billionaires expected to arrive UAE in the upcoming months. The report, quoting business leaders, has estimated that hundreds of thousands of people have left Russia over the last two months, although there are no exact figures to back is number. Apart from that, many multinational companies and Russian start-ups have also relocated their employees to the UAE. Fuad Fatullev, co-founder of WeWay - a blockchain technology company that had offices in Russia and Ukraine, has shifted hundreds of employees to Dubai. "The war had a massive impact on our operations. We couldn't continue [as we were] as we had to move hundreds of people outside of Ukraine and Russia," Fuad, who is a Russian citizen, told BBC. The reason behind this sudden exodus stems from the fact that UAE has so far not condemned Russia for its invasion and that it has been issuing visas to non-sanctioned Russians, unlike many Western countries who have restricted their arrival. A Russian economist, whose name was not divulged by the BBC, claimed that as many as 200,000 Russians had left in the first 10 days after the war began. Virtuzone, which helps companies to set up operations in Dubai, has seen a huge surge of Russian clients. Also read | To rebuild Ukraine, win war against Russia, Zelensky launches a crowdfunding platform "We are receiving five times more enquiries from Russians since the war began," chief executive George Hojeige was quoted as saying. Also read | Despite the Ukraine war, Russian gas supplies to China soar by 60% in 2022: Report "They are worried about an economic meltdown that's coming. That is why they are moving here to secure their wealth," he added. (With inputs from agencies) WATCH WION LIVE Decode the geostrategy, diplomacy, and ideologies of the world’s unending wars. Catch our special series ‘World at War’ every Saturday at 8:30 PM IST and Sunday at 10:30 PM IST only on WION.

Capital flight: Russian oligarchs, billionaires take refuge in Dubai to avoid Western sanctions

“May our country enjoy prosperity and our people live in peace and harmony!”, said Xi Jinping in his 2022 new year address. Three months into the year, it has been anything but that. 2022 was supposed to be a perfect year for Xi as he is expected to step into a third term at the end of his 10-year tenure this year. Instead, he is dealing with a dual crisis – China’s largest outbreak of Covid-19 at home, and overseas, fear of possible Western sanction or its repercussion of sanctions on Russia for its invasion of Ukraine.

CHINA OVER THE WEEK

Rise in Covid Cases

China is witnessing a major surge in Covid cases since the Wuhan outbreak in 2020. According to data reported, the daily rise in cases in China, world’s most populous country, had mostly remained in double digits. However, things have changed drastically in the last month. Now, the daily count is over a thousand, and on Saturday, the country reported its first two Covid-related deaths in more than a year.

As the cases rise in China, so do the curbs and restrictions.&nbsp;

China which is following a strict ‘zero-Covid’ policy has kept most of its citizens under heavy lockdown. Last week, Shenzhen – a city of 17.5 million is China's southern tech powerhouse, went into a six-day lockdown on Sunday after massive surge in Covid-19 cases. The restrictions have also widened to other cities and provinces like Jilin, Shanghai, and Guangzhou.&nbsp;&nbsp;

Some restrictions, however, have now been partially eased, after President Xi stressed the need to "minimise the impact" of Covid-induced lockdowns on the nation's economy. In Shenzhen and other major cities and provinces work has resumed, factory operations, as well as public transport.&nbsp;&nbsp;

Hong Kong, which is still considering a lockdown, is suffering immensely. The government in Hong Kong is struggling to contain the city’s worst Covid outbreak ever. The highly transmissible&nbsp;Omicron variant is tearing through densely populated Hong Kong.&nbsp;Tens of thousands of cases are being reported each day, and deaths, too, have surged.

Officially, the city of Hong Kong has only just reported more than a million cases since the outbreak began in December, 96 per cent have come since February 9.&nbsp;&nbsp;But researchers at the University of Hong Kong estimate that almost half of the population, about 3.6 million, have contracted the virus in this outbreak, and the total will be more than 4.5 million cases.&nbsp;&nbsp;

Just in a few weeks, the city has gone from 'zero-Covid' to having the world's highest death rate. &nbsp;

That's not all, Hong Kong is also witnessing an exodus. Covid and the strict measures to contain the virus, is driving out many of its residents. The city has witnessed more than 70,000 departures last month, and more than 50,000 in first half of March, according to data from the Immigration Department.&nbsp;&nbsp;

China-US-Russia-Ukraine

While China is dealing with a large outbreak of Covid-19 at home, overseas, it is dealing with the Russia-Ukraine conflict. As the war enters its fourth week, there is no ending in sight, at least in the near future.&nbsp;&nbsp;

Almost every day, world leaders are discussing ways to end the conflict. Chinese officials have been particularly busy this week. Earlier this week, US National Security Adviser Jake Sullivan met Chinese foreign policy head Yang Jiechi in Rome. For seven hours, Yang and Sullivan discussed a range of tensions the two countries had, however, focused extensively on Ukraine. &nbsp;

According to US officials, Washington warned that Beijing that is could face serious consequences if it&nbsp;‘significant consequences’&nbsp;backs Moscow in the war. Their meeting came at a time when multiple US media reports alleged that Russia had asked China for military equipment. However, China and Russia were quick to dismiss the allegations, calling them untrue. &nbsp;

White House spokeswoman Jen Psaki indicated that if Beijing was to help Moscow, US would initiate punitive measure, which would be further carried out in coordination with allies. She said, “It’s less about changing their mind (about the nature of their relationship with Russia) and more about making clear with them what the consequences would be should they take additional actions to support this invasion.” &nbsp;

According to a Chinese read-out of the meeting, Yang warned the United States not to 'mischaracterize' Beijing’s stand on the war, which has been much debated in the West amid China’s refusal so far to condemn the invasion.

“Yang Jiechi stressed that China firmly opposes any words or deeds that spread false information, distort or smear China’s position,” said the South China Morning Post quoting a state media report.

Later, Kyiv Independent also reported that China had requested talks between Europe and Russia to "set up a balanced, effective and sustainable European security framework." &nbsp;

However, what came as a surprise was a phone call, on Friday, between Chinese President Xi Jinping and US President Joe Biden. This was the first time the two leaders have spoken on the phone since the beginning of the conflict.

The surprise bilateral phone call was announced as Russia Foreign Minister Sergeĭ Lavrov, reportedly, was halfway to Beijing when his planed made a u-turn back to Moscow. &nbsp;

According to the White House, in the two-hour call, Biden raised concerns of China possibly aiding Russia, and reiterated “the implications and consequences” China would face if it “provides material support to Russia”.

Beijing’s account of the call said that Xi criticised the harsh economic punishment US and its allies have imposed on Russia in response to the invasion. &nbsp;

“Sweeping and indiscriminate sanctions would only make the people suffer. If further escalated, they could trigger serious crises in global economy and trade, finance, energy, food, and industrial and supply chains, crippling the already languishing world economy and causing irrevocable losses,” the ministry quoted President Xi as saying.

Further, Xi asked Biden for a “cool-headed and rational” approach, and stressed that “the Ukraine crisis is not something we want to see.” Instead, “The pressing priority is to keep the dialogue and negotiation going, avoid civilian casualties, prevent a humanitarian crisis, and cease hostilities as soon as possible.” And for this to happen, the two nations, “must shoulder our share of international responsibilities and work for world peace and tranquillity.”

On the path of diplomacy, China which, earlier this month, showed interest to extend a hand of friendship to India after Chinese Foreign Minister Wang Yi’s press conference on the side-lines of annual Chinese Parliament session. The Foreign Minister, himself, is likely to visit India this month, according to multiple reports. &nbsp;

If the proposed visit does go ahead, it will be the first by a senior Chinese leader to India since the two nations have been locked in a dragging standoff in eastern Ladakh in May 2020. The two leaders will also get an opportunity to exchange views on the crisis in Ukraine.

Last year, in July, Indian Foreign Minister S Jaishankar and his Chinese counterpart Wang Yi held a bilateral on the side-lines of another SCO meeting in Tajikistan’s capital Dushanbe to discuss the border row. And again, they met in Dushanbe in September.

Meanwhile, according to Taiwan News, two Chinese nationals have been caught for allegedly trying to smuggle two infants from Ukraine to Romania. On Monday, the State Border Guard Service of Ukraine discovered that the two Chinese nationals did not have any identifying documents for the two infants, and were immediately arrested. &nbsp;

CHINA IN WORLD REPORTAGE

The world’s largest crude exporter, Saudi Arabia, is in talks with Beijing to price its Chinese oil sales in Yuan instead of US Dollars. &nbsp;The two nations which have been in talks off and on for six years over yuan-priced contracts have accelerated the negotiations. China purchases more than 25 per cent of the oil Saudi Arabia exports, and if the oil is to be priced in yuan, the sales will boost the standing of the Chinese currency. &nbsp; &nbsp;

&nbsp;According to&nbsp;Wall Street Journal, Saudi Arabia has also extended an invitation to Chinese President Xi Jinping to visit Riyadh. The kingdom which has grown increasingly unhappy with the Washington, is looking to deepen its ties Beijing.

This comes amid reports that Crown Prince Mohammed bin Salman, the de facto leader of Saudi Arabia, had declined U.S. requests to speak to Mr. Biden. &nbsp;

“There was some expectation of a phone call, but it didn’t happen,” said a U.S. official of the planned discussion between the Saudi Prince Mohammed and Mr. Biden. “It was part of turning on the spigot [of Saudi oil],” reported the&nbsp;Wall Street Journal.

While the two nations are looking to deepen their ties, some Asian and Oceanian nations have ramped up its purchase of military equipment as they become ‘increasingly wary of China’s growing regional ambition’, said the&nbsp;South China Morning Post.

The report published by the Stockholm International Peace Research Institute on Monday showed that the top 6 out of 10 arm importers in the last five years were nations situated in Asia and Oceania. &nbsp;

Meanwhile, in some sports related reportage, Guanyu Zhou, became China’s first full-time Formula One driver. At just 22, Zhou suited up to race for the team Alfa Romeo on Sunday in Bahrain.

“May our country enjoy prosperity and our people live in peace and harmony!”, said Xi Jinping in his 2022 new year address. Three months into the year, it has been anything but that.

“May our country enjoy prosperity and our people live in peace and harmony!”, said Xi Jinping in his 2022 new year address. Three months into the year, it has been anything but that. 2022 was supposed to be a perfect year for Xi as he is expected to step into a third term at the end of his 10-year tenure this year. Instead, he is dealing with a dual crisis – China’s largest outbreak of Covid-19 at home, and overseas, fear of possible Western sanction or its repercussion of sanctions on Russia for its invasion of Ukraine. CHINA OVER THE WEEK Rise in Covid Cases China is witnessing a major surge in Covid cases since the Wuhan outbreak in 2020. According to data reported, the daily rise in cases in China, world’s most populous country, had mostly remained in double digits. However, things have changed drastically in the last month. Now, the daily count is over a thousand, and on Saturday, the country reported its first two Covid-related deaths in more than a year. As the cases rise in China, so do the curbs and restrictions. China which is following a strict ‘zero-Covid’ policy has kept most of its citizens under heavy lockdown. Last week, Shenzhen – a city of 17.5 million is China's southern tech powerhouse, went into a six-day lockdown on Sunday after massive surge in Covid-19 cases. The restrictions have also widened to other cities and provinces like Jilin, Shanghai, and Guangzhou. Some restrictions, however, have now been partially eased, after President Xi stressed the need to "minimise the impact" of Covid-induced lockdowns on the nation's economy. In Shenzhen and other major cities and provinces work has resumed, factory operations, as well as public transport. Hong Kong, which is still considering a lockdown, is suffering immensely. The government in Hong Kong is struggling to contain the city’s worst Covid outbreak ever. The highly transmissible Omicron variant is tearing through densely populated Hong Kong. Tens of thousands of cases are being reported each day, and deaths, too, have surged. Officially, the city of Hong Kong has only just reported more than a million cases since the outbreak began in December, 96 per cent have come since February 9. But researchers at the University of Hong Kong estimate that almost half of the population, about 3.6 million, have contracted the virus in this outbreak, and the total will be more than 4.5 million cases. Just in a few weeks, the city has gone from 'zero-Covid' to having the world's highest death rate. That's not all, Hong Kong is also witnessing an exodus. Covid and the strict measures to contain the virus, is driving out many of its residents. The city has witnessed more than 70,000 departures last month, and more than 50,000 in first half of March, according to data from the Immigration Department. China-US-Russia-Ukraine While China is dealing with a large outbreak of Covid-19 at home, overseas, it is dealing with the Russia-Ukraine conflict. As the war enters its fourth week, there is no ending in sight, at least in the near future. Almost every day, world leaders are discussing ways to end the conflict. Chinese officials have been particularly busy this week. Earlier this week, US National Security Adviser Jake Sullivan met Chinese foreign policy head Yang Jiechi in Rome. For seven hours, Yang and Sullivan discussed a range of tensions the two countries had, however, focused extensively on Ukraine. According to US officials, Washington warned that Beijing that is could face serious consequences if it ‘significant consequences’ backs Moscow in the war. Their meeting came at a time when multiple US media reports alleged that Russia had asked China for military equipment. However, China and Russia were quick to dismiss the allegations, calling them untrue. White House spokeswoman Jen Psaki indicated that if Beijing was to help Moscow, US would initiate punitive measure, which would be further carried out in coordination with allies. She said, “It’s less about changing their mind (about the nature of their relationship with Russia) and more about making clear with them what the consequences would be should they take additional actions to support this invasion.” According to a Chinese read-out of the meeting, Yang warned the United States not to 'mischaracterize' Beijing’s stand on the war, which has been much debated in the West amid China’s refusal so far to condemn the invasion. “Yang Jiechi stressed that China firmly opposes any words or deeds that spread false information, distort or smear China’s position,” said the South China Morning Post quoting a state media report. Later, Kyiv Independent also reported that China had requested talks between Europe and Russia to "set up a balanced, effective and sustainable European security framework." However, what came as a surprise was a phone call, on Friday, between Chinese President Xi Jinping and US President Joe Biden. This was the first time the two leaders have spoken on the phone since the beginning of the conflict. The surprise bilateral phone call was announced as Russia Foreign Minister Sergeĭ Lavrov, reportedly, was halfway to Beijing when his planed made a u-turn back to Moscow. According to the White House, in the two-hour call, Biden raised concerns of China possibly aiding Russia, and reiterated “the implications and consequences” China would face if it “provides material support to Russia”. Beijing’s account of the call said that Xi criticised the harsh economic punishment US and its allies have imposed on Russia in response to the invasion. “Sweeping and indiscriminate sanctions would only make the people suffer. If further escalated, they could trigger serious crises in global economy and trade, finance, energy, food, and industrial and supply chains, crippling the already languishing world economy and causing irrevocable losses,” the ministry quoted President Xi as saying. Further, Xi asked Biden for a “cool-headed and rational” approach, and stressed that “the Ukraine crisis is not something we want to see.” Instead, “The pressing priority is to keep the dialogue and negotiation going, avoid civilian casualties, prevent a humanitarian crisis, and cease hostilities as soon as possible.” And for this to happen, the two nations, “must shoulder our share of international responsibilities and work for world peace and tranquillity.” On the path of diplomacy, China which, earlier this month, showed interest to extend a hand of friendship to India after Chinese Foreign Minister Wang Yi’s press conference on the side-lines of annual Chinese Parliament session. The Foreign Minister, himself, is likely to visit India this month, according to multiple reports. If the proposed visit does go ahead, it will be the first by a senior Chinese leader to India since the two nations have been locked in a dragging standoff in eastern Ladakh in May 2020. The two leaders will also get an opportunity to exchange views on the crisis in Ukraine. Last year, in July, Indian Foreign Minister S Jaishankar and his Chinese counterpart Wang Yi held a bilateral on the side-lines of another SCO meeting in Tajikistan’s capital Dushanbe to discuss the border row. And again, they met in Dushanbe in September. Meanwhile, according to Taiwan News, two Chinese nationals have been caught for allegedly trying to smuggle two infants from Ukraine to Romania. On Monday, the State Border Guard Service of Ukraine discovered that the two Chinese nationals did not have any identifying documents for the two infants, and were immediately arrested. CHINA IN WORLD REPORTAGE The world’s largest crude exporter, Saudi Arabia, is in talks with Beijing to price its Chinese oil sales in Yuan instead of US Dollars. The two nations which have been in talks off and on for six years over yuan-priced contracts have accelerated the negotiations. China purchases more than 25 per cent of the oil Saudi Arabia exports, and if the oil is to be priced in yuan, the sales will boost the standing of the Chinese currency. According to Wall Street Journal, Saudi Arabia has also extended an invitation to Chinese President Xi Jinping to visit Riyadh. The kingdom which has grown increasingly unhappy with the Washington, is looking to deepen its ties Beijing. This comes amid reports that Crown Prince Mohammed bin Salman, the de facto leader of Saudi Arabia, had declined U.S. requests to speak to Mr. Biden. “There was some expectation of a phone call, but it didn’t happen,” said a U.S. official of the planned discussion between the Saudi Prince Mohammed and Mr. Biden. “It was part of turning on the spigot [of Saudi oil],” reported the Wall Street Journal. While the two nations are looking to deepen their ties, some Asian and Oceanian nations have ramped up its purchase of military equipment as they become ‘increasingly wary of China’s growing regional ambition’, said the South China Morning Post. The report published by the Stockholm International Peace Research Institute on Monday showed that the top 6 out of 10 arm importers in the last five years were nations situated in Asia and Oceania. Meanwhile, in some sports related reportage, Guanyu Zhou, became China’s first full-time Formula One driver. At just 22, Zhou suited up to race for the team Alfa Romeo on Sunday in Bahrain.

Chinese vignettes | China's two battles: To avoid Western sanctions & surging COVID-19 cases

The sanction imposed by the West has not stopped Russia from halting the invasion of Ukraine. Reportedly, no sanctions have been imposed on Russia’s energy sector.

West sanction has not stopped Russia from halting invasion

west-sanctions

West Sanctions, News on West Sanctions, stories on West Sanctions, articles on West Sanctions, West Sanctions stories at Wion, West Sanctions news, West Sanctions latest news

west sanctions

Capital flight: Russian oligarchs, billionaires take refuge in Dubai to avoid Western sanctions

Chinese vignettes | China's two battles: To avoid Western sanctions & surging COVID-19 cases

West sanction has not stopped Russia from halting invasion