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Benzinga
Benzinga
Business
Adrian Zmudzinski

Russian Capital Flees To Dubai Through Crypto

Russia Dubai UAE United Arab Emirates

Cryptocurrency companies located in the United Arab Emirates (UAE) are seeing an unprecedented influx of requests from Russian customers who wish to liquidate billions of dollars worth of cryptocurrency as the Russian ruble plunges due to increasingly harsh economic sanctions.

What Happened: A Friday Reuters report explained that some of those Russian nationals are looking to invest in UAE real estate while others are just looking to turn crypto into fiat currency and keep it abroad.

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