A growing number of orms that trade Russian oil are beeong up their operations in Dubai after the EU and Switzerland imposed a range of sanctions in response to Russia's Feb. 24 invasion of Ukraine, according to multiple market sources. "Dubai is the place to be these days for Russian oil traders, and quite a few new companies are being set up to handle the business, " says a Russian industry source who is based in Dubai. "There is a feeling that Dubai is much safer than Switzerland. They don't ask many questions, and of course there are tax advantages, " the source says, referring to the absence of a personal income tax in Dubai.
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