UAE will not ‘jeopardize’ rules to attract Russian wealth: Trade minister
The Emirates has been criticized for hosting companies engaged in sanctions-busting following the Russian invasion of Ukraine, but is making efforts to clean up its act.
The United Arab Emirates’ top trade official said Thursday that the Gulf state is committed to complying with international sanctions on Russia.
UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi spoke at a virtual event hosted by the Washington-based Atlantic Council. The conversation touched on UAE-Russia relations, Abu Dhabi's future as a cryptocurrency hub, diversification from oil and gas, and more.
On Russia, Zeyoudi pointed out that non-oil trade between the two countries increased 95% in 2022. He also addressed the influx of cash last year as wealthy Russians sought to liquidate billions of dollars via UAE-based cryptocurrency exchanges.
Zeyoudi called the UAE a “favorable destination” in general for billionaires from all over the world. “We saw many movements from Indians, Europeans, Australians, as well as the Russians to the UAE.”
