The war in Ukraine and the most difficult sanctions imposed by the West against Russia have been going on for 4 months have led to economic problems in many countries of the world (lack of food, rising energy prices, inflation). But there are those who won. One of these countries is the United Arab Emirates, or rather – the economic capital of this state of Dubai. Details reported on June 25, the Israeli site Ynet.
In recent months, many Russian businesses have been moving to Dubai, who in the past sold their goods through Switzerland, but now, due to sanctions, they are forced to look for other intermediaries.
According to Bloomberg, the three largest oil producers in Russia (Rosneft, Gazprom and Lukoil) intend to transfer their trading offices to Dubai. Several smaller Russian companies have already done this.
Although the current sanctions do not apply to agricultural products, one of the largest exporters of the Russian wheat, the Russian-Swiss company Solaris, opened offices in Dubai last week. The company was faced with difficulties in financing by Swiss banks, now preferring to stay away from Russian goods.
This situation has become a real gift for Dubai, which is still refraining from the imposition of sanctions against Russian companies and citizens. Dubai has been competing with Switzerland for a long time, trying to become the center of world trade.
“Trade relations with Russia will continue, and the countries of the Middle East will win in this situation. What Europe has previously been doing is from now on in the east,” said Water Jacobs, head of the Academic Center for the Study of the University of the University of Rotterdam.
Since the beginning of the war in Ukraine, the UAE managed to attract wealthy Russians who transported their capital to the country. It seems that the same path is now being made by Russian state enterprises and private firms.
In the Emirates, a financial structure was prepared, intended specifically for these purposes. In recent years, banks in the UAE have been reoriented to financial support for raw material trade.
Although Dubai has not yet become a global center of world trade, like Singapore, London or Geneva, he has very good prospects to enter this prestigious club thanks to the free trade zones, the proximity to the Middle Eastern oil and gas producers, as well as low taxes .
Last year, the Dubai authorities held a large -scale event in Moscow designed to attract Russian business to the country. “Dubai has become the center of world trade. He has the appropriate infrastructure, transport, and the service sector necessary for the assistance of business from any country,” emphasizes Najla al -Kasimi, head of the research institute of international relations in Dubai.