The United Arab Emirates is causing increasing concern in democratic capitals. Russia's invasion of Ukraine prompted western nations to impose sanctions on them. The purpose was to constrain Russia's ability to wage an illegal war through economic sanctions. Although a bullies appetite is never sated this has not deterred the UAE and to a lesser extent Turkey, from aiding and abetting Putin.
The UAE has positioned itself as a safe haven for Russian money with Dubai's Emirates NBD bank recruiting Russian bankers to manage the thousands of accounts opened by rich Russians. It is not just money laundering. The UAE has become a major transshipment hub for Russian Gold and oil flows, a vital source of cash to prosecute war. It is also a supplier to Russia of military equipment (lethal and non lethal) through a process of rerouting supplies bought legitimately to Russia thus circumventing sanctions.
This year, the UAE joined the BRICS group of Brazil, Russia, India, China, South Africa, Iran, Egypt and Ethiopia. An application to join the group by Argentina has been withdrawn by President Javier Milei. Saudi Arabia was due to join but is still 'considering' its position. The group represents 'emerging' economies. It is a strange mix of dictatorship, democracy Western opponents and those neutral in order to play both ends and gain advantages. The group's failure to condemn Russia let alone expel it speaks loudly of their true intention.
The UAE wants the best of all worlds and that includes acting as Russia's banker and clearing house. Can the west afford to turn a blind eye?
This major report written by three leading experts, Niall McCrae, Frank Millard and Jonathan Swift
explores the issues.
It is published by the Bruges Group and is free to download