As the West bail out of Russia over its invasion of neighbouring Ukraine, China and Dubai are seemingly cashing in on the roomier market.
China’s top envoy in Moscow has urged Chinese business leaders to “fill the void” in the Russian market, Bloomberg first reported, after a growing tally of businesses and government’s have boycott the country in protest.
Ambassador Zhang Hanhui told business bosses at the Russia Confucius Culture Promotion Association on Sunday: “The current international situation is complex.
“Big companies face major challenges or even disruptions in payment and supply chains. This is a moment where private, small-and-medium-sized enterprises could play a role.”
Meanwhile, business heavyweights from the UK and across the pond, including Linklaters and Goldman Sachs, have begun relocating staff from Moscow to Dubai, according to The Telegraph.
Goldman, the first Wall Street bank to exit Russia, has reportedly moved half of its 80-strong Moscow workforce to Dubai – which has prompted JP Morgan and Rothschild to follow suit.
The shift to warmer horizons is already showing signs in Dubai’s property market, with a local high-end apartment landlord telling The New York Times earlier this month of the “incredible demand” from Russians in recent weeks.
The United Arab Emirates (UAE) and China have largely been taking the middle road in their response to Russia’s invasion, with Russian president Vladimir Putin a key ally for Beijing’s Xi Jinping.
China earlier this month refused to send plane parts to Russia, according to state media, in a surprise move for the “iron clad” pair.
A United Nations Security Council (UNSC) vote at the end of February, proposed by the US demanding Moscow withdraw its troops, also saw China, the UAE and India abstain. The remaining 11 council members voted in favour.
Following the vote, the UAE and Russian foreign ministers announced they would be meeting on Monday in Moscow to discuss “further expanding multifaceted Russia-UAE relations”.