Wealthy Russians are busy transferring at least part of their wealth from Europe to Dubai to him protect their property from growing sanctions against Russia due to the invasion of Ukraine, financial and legal sources find out today.

Dubai, a financial and business hub known for what there is no strict regulation, has long been known as a magnet for the world's ultra-rich, and the UAE refusal to side with the West and Moscow was a signal to the Russians that their money would be safe.

The UAE has refrained from condemning Russia's invasion of Ukraine during a UN Security Council vote.

The Emirates, which have deepened ties with Russia in recent years, did not impose Western-style sanctionsnor has the UAE central bank issued instructions on sanctions from the United States and its European allies.

Anyway, Wealthy Russians are currently in London and Switzerland trying to transfer their wealth to safetysaid a banker at a large Swiss private bank.

This was confirmed by a lawyer in Dubai, who said that his company had received questions from Russian individuals and companies about how quickly they could transfer "significant funds" worth hundreds of millions of dollars to the Arab country in the Persian Gulf.

"The UAE is a convenient place (for business) - just a few hours away and without a regulator in agreement with Western regulators," said the investment manager.

Russian clients with private bank accounts, a banker has revealed, open accounts at the same bank's regional office in the UAE, while others open accounts at local banks. They also try to invest money in, for example, real estate and funds that do not disclose property information.

Dubai has also been a very popular tourist destination for Russians for many years and is at the top in terms of number of visits and number of real estate buyers.

In 2018, The UAE has introduced a "golden" visa program which offers investors and other professionals 10-year residence permit. The media office, the foreign ministry and the UAE central bank did not answer the question how much Russian money is currently flowing into Dubai.

For now, there is no indication that Russian wealth flowing into Dubai could be affected by Western sanctions.