Dubai has become a haven for wealthy Russians fleeing Western sanctions over the Ukraine war.

Russian billionaires and entrepreneurs are arriving in the United Arab Emirates (UAE), businessmen told the BBC.

Russian property purchases in Dubai increased by 67% in the first three months of 2022. The UAE has not imposed sanctions on Russia and has not criticized its invasion of Ukraine.

Abu Dhabi issues visas to non-sanctioned Russians, despite restrictions imposed by many Western countries.

It is estimated that hundreds of thousands of people have fled Russia in the past two months, although no exact figures are available.

A Russian economist says XNUMX Russians have fled the country in the first ten days of the war.

Virtuzone, an agency that helps companies start businesses in Dubai, has seen a huge influx of Russian clients.

"Since the beginning of the war, we have received five times more requests from the Russians," said CEO George Hodge.

"They are worried about the impending economic collapse. "That's why they are moving here to secure their wealth."

The influx of Russian citizens has increased the demand for luxury villas and apartments throughout the city. Real estate agencies are reporting a sharp rise in real estate prices at a time when more Russians are arriving in Dubai looking to buy housing. Dubai-based real estate agency Betterhomes reports that in the first three months of 2022, the number of real estate purchases by Russian citizens has tripled