Carol Liew is a partner in Dutch Oriental. She said there were more Russian clients who were choosing cheaper charters. Natalie Hore was told how the Ukraine invasion has changed things. The essay is based on a conversation with Carol Liew, a partner in Dutch Oriental, a super- and megayacht charter company. It was edited for clarity and length. We have been working together for 25 years. We started out in information technology in Singapore, but moved to Dubai 10 years ago to focus on the charter industry. Our fleet of yachts has grown over the past decade to more than 20 boats, but the most popular yacht in our fleet is the custom-designed Lotus, a 73-meter, five-deck megayacht with 17 rooms, including eight for crew, a 60-seat cinema, and a 200 Dutch Oriental offers exclusive charter packages for weddings and private parties that start at 50,000 euros for four hours of public dinner cruises that cost 49 euro per person. We have hosted a lot of people, including sports stars, royalty, presidents, prime ministers, Miss Universe and Miss World, and many Hollywood movie stars, but as is the nature of the industry, you need to be very discreet. There used to be a group of Russians that would charter mega- and superyachts for private parties with friends that they had flown into Dubai, but now we are seeing more intimate charters with a 40 to 50% increase in Russians chartering at the entry and intermediate level. Our regular dinner cruises book more Russian clients than ever before, and our 20-meter to 30-meter yachts are being rented much more than our 40-meter to 70-meter yacht rentals, which have almost bottomed out completely. Because of international sanctions, it is difficult for Russians to access their funds and fly their friends and family into Dubai for private charter flights. Some wonder why wealthy Russians don't just bring their superyachts into the country. Due to the turmoil in Yemen and Iran and the concern about piracy in the region, it is difficult to bring a yacht into the region. Most charters in the region are kept to half a day, rather than the multiple-day charters available in places like the Caribbean or Mediterranean. Since the start of the war in Ukraine, we have seen a general increase in the market for commercial charters in the region. We have seen Russian colleagues trying to purchase basic items like groceries, but only able to access a few thousand from bank accounts or who have had their credit cards blocked, so there really isn't the same environment of celebration, travel, and partying among Russian clientele that we saw Dutch Oriental has been asked if it could help the wealthy Russians escape sanctions by managing their yachts. We couldn't do that. We do not want to be seen as being on the wrong side of history or of sanctions. 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If the Russians who have moved to Dubai had yachts, they didn't bring them
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