The Tactics Institute of Security and Counter Terrorism successfully hosted an event titled
“Why the UAE is Becoming a Liability: The Case of Russian Sanctions Evasion.”
The event took place on 5 October 2024 at 11 a.m. at Benevento. Gianni Baretta moderated the event, and the distinguished speakers included Carla Nomenta and Samuele Giusti. The occasion attracted several attendees, and they applauded the event.
The panellists critically evaluated how Russia is evading sanctions with the help of the United Arab Emirates. Since sanctions were imposed by the West following Vladimir Putin’s territorial aggression in Ukraine, the UAE has developed into a highly appealing investment opportunity for Russians.
Shortly after the sanctions on Russia were inflicted, there has been an inflow of Russian oligarchs into Dubai. Possibly more than anywhere else in the world, the oligarchs and other cashed-up Russians are welcome in Dubai, along with their assets, which are overflowing to the United Arab Emirates in tremendous amounts – often via discreet means. At least 38 influential Russians linked to Vladimir Putin possessed dozens of possessions in Dubai collectively valued at more than $314 million.
It has also come to light that during 2022 UAE imported 96.4 tons of gold from Russia. Moreover, Russian customs records reported that there had been almost a thousand gold shipments between 24th February 2022 and 3rd March 2023. In 2023, the Kremlin has become the world’s second-largest producer of gold and is foreseen to boost production by 4% a year until 2026. Trading in gold has evolved the Kremlin’s not-so-secret instrument in sanctions evasion and its Golf trades with the UAE look meaningful in that approach.
The event highlighted the UAE’s function in fostering Russian sanctions evasion underscoring the challenges in enforcing international sanctions. The methods employed are sophisticated and exploit lawful, financial, and geopolitical holes, making it hard for Western governments to fully contain Russian economic activities.
