[ad_1]
The top United Arab Emirates trade official said on Thursday that the Gulf state was committed to complying with international Sanctions on Russia.
Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, speaks at a virtual event hosted by the Atlantic Council in Washington. The conversation touched on the UAE’s relationship with Russia, Abu Dhabi’s future as a hub for cryptocurrencies, diversification in oil and gas, and more.
Regarding Russia, Zeyoudi noted that non-oil trade between the two countries will increase by 95% in 2022. He also spoke of an influx of cash last year as wealthy Russians tried to liquidate billions of dollars through UAE-based cryptocurrency exchanges.
Zeyoudi called the UAE in general a “dream destination” for global billionaires. “We’re seeing a lot of people coming to the UAE from Indians, Europeans, Australians and Russians.”
Zeyoudi said the UAE would not change the rules to attract Russian wealth and that it was committed to complying with international law amid Western sanctions related to the Ukraine war.
“I can assure you that we have gone through a similar overall process to anyone who comes to this country. We abide by international regulations and policies and we will continue to do so,” he said. “We will not jeopardize our system to attract certain nationalities against others.”
Why it matters: The UAE has been repeatedly accused of being a safe haven for money laundering and violating sanctions related to Russia and Iran.On Wednesday, the U.S. Treasury Department announced Sanctions against two UAE companies Suspected of assisting Russia’s invasion of Ukraine.
The Gulf state has recently been seeking to increase compliance with international sanctions. March, UAE central bank revokes license of Russia’s MTS bank.
learn more: Zeyoudi also discussed the UAE’s efforts to reduce its dependence on oil and gas. Many observers say about one-third of the UAE’s gross domestic product comes from oil and gas. Ze Youdi said that the sector now accounts for only 28% and is still declining.
Emirati entities have been investing heavily in renewable energy in recent years as part of the transition away from hydrocarbons.
Zeyoudi also spoke about the future of cryptocurrencies in the UAE. Many cryptocurrency firms have moved to Abu Dhabi and Dubai, in part because of the UAE’s virtual assets regulator. However, the cryptocurrency debacle has already affected the UAE, with cryptocurrency firm Kraken announcing in February that it would close its Abu Dhabi office.
Zeyoudi stated that the country remains committed to attracting crypto even in “challenging times” for the crypto industry.
“We want to be among the first to introduce this technology in the UAE,” he said.
[ad_2]
Source link