The West has shut Russia out of many American and European banks in response to the invasion of Ukraine.
One way wealthy and middle-class Russians, and businessmen close to Russian President Vladimir Putin, have circumvented the unprecedented sanctions Russia faces has been to send their money to the United Arab Emirates (UAE), the uberwealthy federation of seven semiautonomous, autocratic petro-states in the Persian Gulf that has chosen not to participate in US-led sanctions
