Switzerland has played this role for decades. After a European country joins the sanctions, its banks cannot finance oil and gas trade transactions. Some of them themselves refuse to work with companies, setting higher rates for them. The three largest oil producers from the Russian Federation are already transferring their operations to the Middle Eastern state.
The United Arab Emirates did not join the restrictions, which strengthens their role as one of the centers of the world economy.
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Dubai Becomes Center for Russian Raw Materials Trading was first published on the MBfinance website.
