Dubai Is Losing Its Allure for Wealthy Russians
- Many Russian arrivals are considering moving elsewhere
- UAE banks said to strengthen efforts to meet US requirements
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Two years ago, Dubai became a hot favorite with Russians looking to park money or build new lives after President Vladimir Putin’s invasion of Ukraine. That allure is now dimming as the cost of living in the glitzy emirate surges and its banks get stricter in enforcing US sanctions.
Russian money flows into the United Arab Emirates — which Dubai is part of - are showing signs of slowing, according to bankers, executives and investment professionals. None of them predict a widespread exodus of cash already in the UAE, yet executives say it seems to have absorbed most of the benefits of Russian money and is unlikely to see more large inflows.