Dubai

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.

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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.

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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.

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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)

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