DUBAI - Andrey Melnichenko was in a bind. Squeezed by European sanctions targeting Russian billionaires, one of Russia's richest men needed a safe jurisdiction to protect the businesses he'd built.Moscow-based coal producer SUEK and Zug, Switzerland-based fertiliser firm EuroChem, both founded by Melnichenko, are opening local trading units in the Gulf oil exporter, according to five people with knowledge of the matter.
The newfound willingness of US allies in the Middle East to go their own way follows years of festering resentments compounded by concern over creeping American disengagement. Turkey, though a power in the North Atlantic Treaty Organisaion , is itself the target of US sanctions over its purchase of Russian weapons.
Wealthy Russians with top-notch connections were also able to funnel hard cash to the UAE, sometimes aboard private jets, they added, declining to give details. The scale of Russia-related flows has become more difficult to gauge as they're driven from formal banking networks.
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