Since Istanbul does not meet expectations, the new London for Russians is Dubai
After Russia's special military operation against Ukraine and the subsequent sanctions, most of the Russian billionaires moved to Dubai with their families. The demand for Istanbul in the first period was short-lived and high expectations were not met. The Russian edition of Forbes magazine writes that after billionaires, lawyers, financiers, entrepreneurs and startups are heading to Dubai.
There are no statistics on how many Russian citizens currently live in the United Arab Emirates. However, Forbes points out that some estimates are as high as 500 thousand.
Speaking to the magazine, businessman Sergey Lyalin explained the importance of Dubai for Russians: "Dubai has taken on the role of London in a way, becoming a window opening to the outside world for those in Russia and the former Soviet republics who want to do business with the world. Now, agreements are being structured through companies and lawyers in Dubai. " The magazine writes that Russian banks have also attempted to expand into Dubai, but they often fail due to sanctions or try to do business without attracting attention.