Within the scramble by some bankers and monetary business executives to depart Moscow, Dubai is popping out to be a favorite location to land.
Some bankers at Moscow places of work of economic establishments such as JPMorgan Chase & Co., Rothschild & Co. and Goldman Sachs Group Inc. have both left or are contemplating transferring, as working in Russia turns into more and more tough, a number of sources conversant in the matter mentioned.
Goldman Sachs on Thursday grew to become the primary main Wall Avenue financial institution to say it was exiting the nation following Moscow’s invasion of Ukraine, adopted swiftly by JPMorgan Chase whereas Citigroup Inc. mentioned on Wednesday it was limiting operations.
Staff in Russia fear that they may get caught in the midst of rising tensions between Moscow and the West, sources mentioned.
It was unclear precisely what number of bankers have left Moscow since Russia invaded Ukraine on Feb. 24 and the way lengthy they may keep overseas.
Round half of Goldman Sachs staff in Moscow have moved or are within the strategy of transferring to Dubai, sources conversant in the matter mentioned. The financial institution had round 80 workers in Moscow.
Bloomberg beforehand reported some Goldman bankers have been transferring to Dubai.
A handful of JPMorgan bankers from Moscow are in Dubai, however the financial institution didn’t have a formal relocation program, a supply conversant in the matter mentioned. JPMorgan has about 160 workers in Moscow.
One Dubai-based banker at a separate worldwide financial institution mentioned the agency had relocated about 4 folks from Moscow to Dubai, and a few extra have been coming within the subsequent few days.
Individually, two sources conversant in the state of affairs mentioned Rothschild is contemplating transferring bankers from Russia, and one of many choices being thought-about was Dubai. Rothschild declined to remark.
Whereas Dubai has emerged as a favored destination for a lot of of those folks, the sources mentioned, one of many sources mentioned different locations for departing bankers included Turkey.
“There’s no particular playbook,” mentioned one of many sources, a Moscow-based monetary business skilled now in Dubai, when requested how lengthy folks have been planning on staying.
Gulf Arab states have to this point taken a impartial stance on Russia’s invasion of Ukraine. They’ve deep ties with Russia by way of stakes in firms and the oil cartel OPEC+.
A part of the draw of Dubai is logistics. Whereas a variety of international locations closed their airspace to Russian planes after the Ukraine invasion, flights have been working between Moscow and Dubai, a main monetary middle about 5 hours away with a time-zone distinction of only one hour.
In a signal of demand, the most cost effective one-way airfare from Moscow to Dubai on Emirates jumped as a lot as 30-fold to $2,369 for departures between Wednesday and Friday, Google Flights knowledge confirmed. — Megan Davies, Davide Barbuscia and Aziz El Yaakoubi/Reuters