UAE Calls Western Sanctions Against Russia Ineffective

29 May

Western sanctions against Russia are ineffective and only complicate international trade, according to Hamad Buamim, Chairman of the Board at Dubai Multi-Commodities Center. In an interview with the Financial Times, Buamim stated that attempts to halt business merely redirect it elsewhere. "Sanctions slow down the economy but never stop it," Buamim noted.


"The fact that the economy is not controlled exclusively by one side of the world makes these restrictions less effective," - he said. - "We do not see them as a valid tool to exert any pressure. They simply complicate trade and affect the whole world."


Recently, the US Treasury Department imposed restrictions on companies from Azerbaijan, Belgium, China, the UAE, Slovakia, and Turkey, accusing them of helping to circumvent anti-Russian sanctions. The new list includes 21 companies from China, 17 from Turkey, and 3 from the UAE.


Similarly, London has added four companies to its sanctions list for allegedly transporting Russian oil in violation of existing restrictions. These companies are Turkish Beks Ship Management and Active Shipping, Swiss Fractal Marine DMCC, and Paramount Energy & Commodities SA, headquartered in the UAE and owned by Dutch entrepreneur Niels Trost, who has also been blacklisted.



GSV "Russia - Islamic World"

Photo: Elena Jones/Pixabay

Based on materials from TASS