In the chokehold of international sanctions and economic uncertainty, Russians have reportedly been seeking means of getting their wealth out of the country. Reuters reports that one of the ways being explored and used is crypto.
Russians flood Dubai crypto firms with crypto transaction requests
In their quest to find outlets for their wealth, Russians are looking to countries that have not put sanctions against them in place. This is where Dubai and the UAE come in.
Reuters cites executives of crypto companies, who wished to remain anonymous, saying that their firms have received more than usual business propositions from Russians.
We’ve had like five or six in the past two weeks. None of them have come off yet – they’ve sort of fallen over at the last minute, …but we’ve never had this much interest, one executive said
The firms have fielded enquiries from the Belarusians as well, the report noted. Some of the requests were to convert crypto to cash for stashing in the country or other locations. Requests have also been coming in to buy Dubai real estate…