The Gulf state has emerged as a key refuge for the super-rich Russians fleeing the effects of global sanctions, with private jets and superyachts linked to oligarchs heading to the UAE after the invasion of Ukraine. Bill Browder, a financier and critic of Vladimir Putin’s regime, said: “Dubai has long been a safe haven for dirty money. “He should now be blacklisted financially and his leaders should not be welcomed here.” He said minor sanctions should be imposed in the United Arab Emirates unless they provided assistance to countries chasing oligarchs’ assets. It was revealed last week that, for more than three months, one of the most expensive private jets in the world, owned by former Chelsea owner Roman Abramovich, has been stranded in Dubai. The US Department of Justice listed the last recorded $ 350 million Boeing 787 Dreamliner flight – from Moscow to Dubai on March 4 – in legal documents seeking its seizure. The agents were also authorized by a judge to seize a second Abramovich-owned aircraft – a Gulfstream G650ER – in Moscow, although there was no prospect of it being seized immediately. FBI investigators have discovered, like many others who hunt down oligarchs’ assets, that traces often lead to the United Arab Emirates. There was also an explosion of Russians buying real estate there. The United Arab Emirates was blacklisted by the World Bank, the Financial Action Task Force (FATF) in March for shortcomings in its anti-money laundering and other financial crime measures, and there are now calls for of the country in similar international lists. Officials in the United Arab Emirates do not feel compelled to enforce sanctions imposed by other countries, but insist they are working to address the concerns raised by the FATF. The country also signed a series of mutual legal assistance and extradition agreements with other states, including the United States, on February 24, the same day that the Russians invaded Ukraine. The fate of Abramovic’s private jet could now be a test of his commitment to international co-operation. On February 25, the United Arab Emirates abstained from a UN Security Council resolution condemning the invasion of Ukraine. Karen Greenaway, a lawyer and former FBI agent who specializes in money laundering, said U.S. officials would almost certainly seek the help of UAE authorities for the Abramovich-linked jet. “UAE officials say they are clearing up their act of financial transparency, but now they have to follow the line between Russia and the US, the UK and the EU,” he said. The UAE is a popular destination for Russian tourists and also has about 100,000 Russian-speaking residents. A report by the Dubai real estate agency Betterhomes found that real estate markets in the emirate grew by 67% in the first three months of 2022. A super yacht that has “darkened” ocean tracking systems – the futuristic 240 240m Motor Yacht A linked to billionaire Andrey Melnichenko – has been spotted in the northern emirate port of Ras al-Khaimah, according to the Financial Times. Melnichenko was sanctioned by the EU in March and Italian authorities seized the 143-meter-long Sailing Yacht A the same month. The Motor Yacht A has so far evaded sanctions. The superyacht Madame Gu has been linked to Andrey Skoch, a billionaire and member of the Russian parliament who is being sanctioned by the US, Britain and the EU. The superyacht is also under US sanctions, but its location is unknown. His last reported observation was in Dubai on March 6. Dubai’s role as a refuge for the Russian elite from the invasion of Ukraine has once again brought the spotlight to its measures to combat money laundering and money laundering. An investigation published last month into a leak of Dubai property data has revealed many property owners accused or convicted of crimes or under international sanctions, including businessmen near the Kremlin. Members of the European Parliament last month wrote to Mairead McGuinness, Commissioner for Financial Services, urging the UAE to be included in their list of third countries that pose a significant threat to the financial system. Kira Marie Peter-Hansen, a Danish MEP, said the latest investigation revealed how the UAE was a safe haven for criminals, corrupt officials and Russian oligarchs. He said: “We want the United Arab Emirates to be blacklisted, especially in light of the large number of Russian oligarchs who use the country to circumvent sanctions.” UAE officials did not respond to a request for comment.
