Russian oligarchs are escaping sanctions by taking their private jets and yachts to places like Dubai and the Maldives

Since the sanctions imposed by the West on Russia over the invasion of Ukraine, some Russian billionaires have been trying to escape them.

The US, UK, and European Union imposed historically severe sanctions on Russian banks, airlines, and Russian President Vladimir Putin's inner circle. The Russian elite has been hit by financial sanctions that have cost them more than 80 billion dollars.

The villas and yachts were seized by Italy. France said it had seized a $120 million yacht.

Some Russian billionaires have found refuge in places that don't have sanctions against them or that don't extradite them to the US.

One businessman in the United Arab Emirates told The New York Times that there is "incredible demand" from Russians for luxury apartments, like a $15,000 per month 3-bedroom on the water.

The Times reported that the yacht owned by Skoch, a steel magnate and government official in Russia who was sanctioned by the US, has been in the waters off the coast of the Middle East. A jet belonging to another billionaire who is also a friend of Putin arrived in the city on Friday.

According to The Times, boats and planes belonging to other people who may face sanctions have been arriving in Dubai. Three Russian billionaires' yachts were in the waters of the United Arab Emirates on March 1.

According to a report last week, the U.S. was likely to attract sanctions due to its relatively neutral stance on Russia's assault of Ukraine and loose laws related to money-laundering.

The United Nations Security Council voted against the invasion on February 25. Though it supported a nonbinding resolution, it did not come out against Russia.

An unnamed Russian businessman told The Times that having a Russian passport or Russian money now is very toxic, and no one wants to accept you except in places like Dubai.

He said there was no issue with being a Russian in the city.

The nation of islands in the Indian Ocean that does not have an extradition treaty with the US has been chosen as a location by Russian billionaires who want to escape sanctions.

As of last week 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 According to a report last week, the four largest superyachts in the Maldives were owned by Russians.

Russian elites have tried to avoid sanctions by trying to sell off their assets.