Due to the sanctions imposed on Moscow, many Russian companies, including raw materials, transfer offices and open companies in Dubai. Thus, they replace Switzerland, where it is more difficult to conduct business, writes Al Jazeera with reference to their sources.
The strict sanctions of Europe, including Switzerland, forced many Russian companies to move to Dubai, where sanctions restrictions do not apply. Earlier for Russia, Switzerland was one of the main centers of commodity trade.
Now many companies of medium and large businesses are looking towards Dubai, where sanctions do not operate, there is all the infrastructure for business and minimal taxes. Rosneft, PJSC Gazprom Neft, and others think over the transfer of part of the offices to Dubai. Solaris Commodities, a Russian grain trader, opened an office in Dubai a few days ago. Litasco SA, trading and sales unit of LUKOIL PJSC, Eurochem Group AG, the largest fertilizer manufacturer, and many others are now looking for offices for transporting staff from Russia, Geneva and other European offices.
“Dubai has turned into a real world center of raw materials. To support these companies, there is a suitable infrastructure, transport and services,” said Najla al -Kassimi, director of global bonds of the B’Huth analytical center, who previously worked in Geneva.