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Traders of Russian commodities are rushing to set up businesses in Dubai as Switzerland makes it increasingly challenging for them to deal with Moscow.
"Middle Eastern and Eastern jurisdictions will gain in importance relative to the rather euro-centric situation of the commodities business up to now."
Russian firms departing Geneva for the UAE’s business capital as sanctions force a strategy rethink
Ratcheting up of sanctions is promoting a migration of Russian businesses to Dubai.
One of the largest exporters of Russian wheat, Swiss-based Solaris Commodities, has stopped new transactions from the country, the company said March 15 in a message to trading partners. “All activities going forward will be focused on non-Russian origins,” the company said, adding that “Solaris Commodities SA is a Swiss trading, marketing, and shipping company ...