Can the UAE be a safe haven for Russian oligarchs? By Giorgio Cafiero

The United Arab Emirates (UAE), and in particular, the emirate of Dubai, has a reputation for being a playground for the rich, and one that does not ask too many questions about how wealth has been obtained. That looks likely to continue, despite increasing Western pressure to squeeze Russia financially, turning the UAE into an even more attractive proposition for rich Russians seeking a safe haven for their wealth, and undermining the effort to force Russia to pull back from its invasion of Ukraine.

Abu Dhabi has signalled that it is trying to pursue a balancing act between the United States and its European partners on one side, and Russia on the other.

The UAE, which was already home to 40,000 Russian nationals before the outbreak of war, abstained from a US-drafted United Nations Security Council resolution condemning Russia’s actions in Ukraine, an indication that the UAE is prioritising good ties with Vladimir Putin’s government above catering to Western interests in Ukraine. It has also reportedly assured Russia that it will not enforce sanctions against it unless required to do so by the UN, a scenario that is unlikely considering Russia’s veto on the Security Council.

As financial warfare against Russia intensifies, Putin’s administration has articulated its stance that the sanctions against it are tantamount to declaring “war”. Moscow is taking note of which countries are backing the West’s financial fight against Russia, and which countries have not.

Ultimately, the UAE and some other Arab states do not want to burn bridges with Moscow in response to the war in Ukraine. These countries see their national interests best served by maintaining close partnerships with Russia long after the war ends.

Read the full article: https://www.aljazeera.com/news/2022/3/14/analysis-can-the-uae-be-a-safe-haven-for-russian-oligarchs