print-icon
print-icon

More Than 100 Russian Jets Stranded In Dubai After Being Flown There To Escape Sanctions

Tyler Durden's Photo
by Tyler Durden
Sunday, Apr 10, 2022 - 09:00 PM

Now that Switzerland has violated its centuries-old status as a neutral power to take sides against Russia in Europe's 'first war since WWII' (or at least the first since NATO bombed the bejesus out of Belgrade back in the 1990s), Dubai and a handful of other eastern locales have been jockeying to supplant the alpine nation to become the 'Switzerland of the East'.

Chief among these, as we recently reported, is Dubai, which has attracted so many Russians as of late that its grocery stores have even started stocking Russian ice cream.

But as a few members of the Russian uber-rich have recently learned, even Dubai isn't safe from the grasping hands of Western sanctions - be they European, American or British.

The WSJ reports that roughly 100 Russian planes have been stuck in Dubai, effectively prevented from moving due to Western sanctions that bar them from all other airspace.

According to WINGX, a website that tracks aerospace, the Russia-UAE connection is 3x busier than pre-pandemic levels during the first 3 weeks of March (as the chart below shows).

Satellite images shot by Earth-imaging company Planet Labs also show an accumulation of private jets from mid-February to the start of April.

Source: WingX

As we mentioned above, many Russian oligarchs and billionaires had some of their most luxurious assets seized as a result of the sanctions. Last month, for instance, Gibraltar seized a $75 million superyacht owned by Russian billionaire Dmitry Pumpyansky. Many of these seized yachts have created serious headaches...but not for their owner, for the marinas where they have been stranded.

But there might be a bright side for the Russians: if they can't fly the jet, they can always sell them and use the proceeds to invest in the booming UAE property market.

0