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Dubai News Club > Business > How Dubai became ‘the new Geneva’ for Russian oil trade
Business

How Dubai became ‘the new Geneva’ for Russian oil trade

Press Room
Last updated: 2023/07/19
Press Room
Published: July 19, 2023
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For decades, the lakeside city of Geneva was home to many of the traders who sold Russia’s oil to consumers around the world. But since Switzerland joined the embargo imposed on Moscow following its invasion of Ukraine much of that trade has shifted to Dubai and other cities in the United Arab Emirates.

Companies registered in the small Gulf state bought at least 39mn tonnes of Russian oil worth more than $17bn between January and April — around a third of the country’s exports declared…

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