Russian commodities traders are scrambling to set up shop in Dubai after fleeing Switzerland

  • Russian commodities traders are scrambling to set up shop in Dubai after fleeing Switzerland

    Posted by on June 23, 2022 at 9:21 AM

    Russian President Vladimir Putin.

    Russian commodities traders are fleeing Switzerland for Dubai, Bloomberg reported.  Switzerland has ramped up sanctions on trading certain commodities, so Russian energy giants and others are moving.  Execs from Russia's largest state-run oil firms have explored relocating or are in talks to relocate to Dubai.  

    Thanks to war-time sanctions in Switzerland, Russian commodities traders who normally work within Swiss territory are rushing to set up business operations in Dubai. 

    According to Bloomberg, Switzerland's ramp-up of restrictions is making it increasingly difficult for commodities traders to use the country as a base to deal with Moscow. It has spurred an exodus to Dubai as traders leave the

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