Russian elite channels a huge crypto wealth for the UAE » Crypto Insiders

The Western sanctions Towards Russia harms the Russian economy to some extent. The rich people in Russia, in particular, seem to have gotten themselves into deep trouble as a result of the sanctions. For this reason, many wealthy Russians are trying different ways to get around the sanctions. Many of them turn to the cryptocurrency industry and the UAE.

Sanctions circumvention

according to Reuters report Many wealthy Russians use crypto companies in the UAE to secure billions of dollars in virtual currencies. Due to the neutral position of the UAE, the country is often seen by wealthy Russians as a safe haven for their money.

Attempts are often made to invest in cryptocurrency in real estate in, for example, Dubai or Abu Dhabi. Others just want to convert their cryptocurrency into cash and store it somewhere else. According to a company based in the UAE, they are receiving more orders than ever Bitcoin (BTC) for filtering. In most cases, it includes several billion cryptocurrencies!

“We have a guy — I don’t know who he is, but he came through a broker — and they’re like, ‘We want to sell 125,000 bitcoin.’ And I’m like, ‘What?’ That’s $6 billion guys.” And they said, “Yeah, we’ll send it to a company in Australia.”

The orders are mainly placed by brokers in Switzerland, according to the anonymous CEO of the crypto company. However, Switzerland pointed out that Cryptocurrency It is not excluded from the sanctions adopted by the state against Russia. For this reason, the question is whether the evil plans of the Russian elite can continue for a long time.

Western criticism

The West is clearly not happy with the UAE’s neutral stance, a number of Western diplomats have already indicated that they are “concerned” about the extent to which the Russian elite is trying to pump their fortunes into the country. However, diplomats doubt that the UAE will take steps to counter this development.

For this reason, the United Arab Emirates has been placed on the “grey list” by the United States Financial Action Group (FATF)† This organization was created to combat financial crime and money laundering.