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Hamad Buamim, chair of the Dubai Multi Commodities Center, stated that Western sanctions against Russia have not significantly affected trade outside the West. He mentioned that the diversified global economy weakens the impact of sanctions, leading to trade redirection rather than complete halts. Brokers in Dubai are reportedly using cryptocurrency to finance Russian trade outside traditional banking systems.
Sanctions on Russia ineffective, says Dubai trade-hub chief Western restrictions do not halt business but merely redirect it, the chairman of UAE’s main free-trade zone says https://t.co/tnf0eYmFhC https://t.co/1WZ3NG2VVG
‘Sanctions slow the economy, never stop it. Trade continues flowing, it just flows in a different way,’ says Hamad Buamim, chair of the Dubai Multi Commodities Centre https://t.co/1liBUqb4P5 https://t.co/l1rVn5sdpT
"Russia sanctions are ineffective, says Dubai trade hub chief" -- Financial Times. Y'think? Brokers in Dubai are using crypto to finance Russian trade outside the dollar banking system.
