By Shelly Melancon (Switzerland)
As the Group of 7 nations fastens their sanctions around Russia and its Oligarchs based in the West, the Oligarchs have been desperately exploring new and several ways to dump their stash of cash in Dubai, the United Arabs Emirate, in order to avoid the attention of searching financial agencies and agents.
Economic Migration on the Rise Among Russians
As reported recently by Reuters, certain sources with insider information on the issue have revealed that there has been an increased number of Russians requesting to convert their Bitcoin and invest the proceeds in real estate firms in Dubai or simply to convert them into cash.
As a result of the neutrality of gulf countries in the ongoing Russia-Ukraine war and their openness to all forms of foreign investments, it makes them the best place for individuals to save their fortunes. The most receptive city to all this in the region happens to be Dubai, and it has been the target destination of wealthy Russians as it helps them easily convert their digital assets into other forms of either fiat currencies or landed properties and movable properties.
Companies Verify
A crypto company has revealed that they were overwhelmed by the high number of requests that have been coming in from Swiss brokers to help convert billions of dollars in Bitcoin that belong to their clients who fear that the country might freeze their funds held in Swiss finance firms.
One of the company’s executives who preferred to be anonymous said that they had between five and six requests in the last two weeks. He stated that although none of them has come up just yet, the requests have never been so high in that kind of time frame. He said the company normally receives about one transaction of a huge amount of funds in a month.
A representative from the financial watchdog in Switzerland, the State Secretariat for Economic Affairs, said via an email while confirming that the imposed sanctions on Russia and Russians also get to their digital assets.
A real estate company that uses crypto services in the conduct of its businesses with crypto-paying clients equally reported a similar case happening in their company. One of the company’s insiders mentioned that they are seeing a large number of Russians as well as Belarusians entering Dubai with all that they have, even in cryptocurrencies.
Several financial outlets in the United Arab Emirates have confirmed that a lot of Russians were purchasing properties in the gulf country using crypto assets.
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