Russian Oil Trade Relocates to UAE

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  • More Russian oil traders are moving from Switzerland to the United Arab Emirates, especially Dubai, as they look to blunt the effects of Western sanctions. 
  • With its pro-business approach and low taxes, the UAE is seen by the Russians as a safe place to operate.
  • Russia can also sell oil in the local currency, the dirham, which is pegged to the US dollar.

The Issue

Sanctions, Opec/Opec-Plus, Policy and Regulation, Oil Trade, Ukraine Crisis
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