DUBAI: Russia’s state oil producer Rosneft is examining the possibility of opening a trading unit in Dubai as it tries to combat sanctions exerted by the US and its Western allies, Bloomberg reported, quoting people familiar with the matter.
According to the report, Rosneft officials visited Dubai last month to meet some advisers who could help the company set up a trading unit in the emirate.
The people who wished to stay anonymous revealed that the outcome of the meeting and the scope of the new entity is unknown.
Following the Russian invasion of Ukraine, Dubai has become a safe haven for Russians and Russian companies moving out of the country.
Moreover, the UAE has already made it clear that it will not follow the Western nations in imposing sanctions on Russia.
Meanwhile, recent reports suggest that billionaire Andrey Melnichenko’s Moscow-based coal producer SUEK, Zug, and Switzerland-based fertilizer firm EuroChem are also opening trading units in Dubai.
