100 Russian Jets Stranded in Dubai after Trying to Escape Sanctions
Russian oligarchs and billionaires have assets siezed
After Switzerland has violated its centuries-old status as a neutral power to take sides against Russia in Europe's "first war since WWII," Dubai and other eastern locales have been jockeying to supplant the alpine nation to become the "Switzerland of the East."
Dubai has attracted so many Russians that Russian ice cream is now being stocked in its grocery stores.
But the country still isn't safe from Western sanctions.
Around 100 Russian planes have been stuck in Dubai, prevented from moving due to Western sanctions that bar them from all other airspaces.
According to WINGX:
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.
Many Russian oligarchs and billionaires had some of their most luxurious assets seized as a result of the sanctions.
Last month, 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.
Last month, Russia began seizing foreign-owned commercial planes in the face of crippling sanctions from the West over its invasion of Ukraine.
As Neon Nettle reported:
President Vladimir Putin signed a law that says Russian carriers can register planes leased from foreign firms.
The aircraft will be issued certificates that make them airworthy.
About 85% of foreign-made planes in Russia are owned by leasing companies, so losing them would be a big blow to Russia's industry, according to CNN.
Foreign companies have cut off Russia from spare parts that are needed to maintain the fleets, making it unclear whether the planes can maintain their airworthiness.