The first UAE-Russia Business Forum opened in Dubai on Wednesday, drawing around 500 participants and signaling an expansion of economic ties between the two countries despite international and US sanctions on Russia over its war in Ukraine.
What happened: The forum, set to become an annual event, runs for one day. Roscongress, a Russian state institution that coordinates economic and investment events and helped organize the gathering, said that around 500 people are expected to attend.
The program includes panels on investment, industrial development and the development of export and logistics corridors.
Key attendees include UAE Minister of Economy and Tourism Abdulla bin Touq Al Marri, Russian Industry and Trade Minister Anton Alikhanov, Tatarstan head Rustam Minnikhanov, DP World chairman and CEO Sultan Ahmed Bin Sulayem, VTB Bank executive Vitaly Sergeychuk, Gazprom-Media CEO Alexander Zharov, Chamber of Commerce and Industry of the Russian Federation President Sergey Katyrin and Russia-UAE Business Council Chairman Alexander Vinokurov.
Speaking at the forum, Marri said both governments are actively identifying opportunities for further economic cooperation. He noted, “More than 13,500 Russian companies are currently registered in the UAE. This year alone, around 2,000 new licenses were issued.”
He added, “At the same time, UAE companies continue to invest in Russia, including in critical economic sectors such as transportation, energy, real estate and the food industry.”
Why it matters: The UAE has been one of Russia’s closest partners in the region and a key destination for Russian business, particularly since Russia's invasion of Ukraine in 2022. The UAE has not formally taken a side in the conflict and has refrained from joining Western sanctions. In 2023, the US Treasury said that Russia “continues to exploit otherwise legitimate economic relationships with the People’s Republic of China, Turkey and the United Arab Emirates, which have become hubs for exporting, reexporting and transshipping to Russia foreign-made technology and equipment.” Washington has sanctioned several UAE-based entities and individuals accused of facilitating such activity.
A year earlier, former Deputy Secretary of the Treasury Wally Adeyemo, speaking at a round table with the United Arab Emirates Banks Federation, urged Emirati bankers to take “proactive action in combatting Russian sanctions evasion, including in the UAE.”
In August, US President Donald Trump — who maintains a close relationship with the UAE — imposed new tariffs on India in response to its continued purchases of Russian oil. He warned that secondary tariffs could be applied to other nations that maintain economic ties with Moscow, saying, “You’re going to see a lot more. You’re going to see so much secondary sanctions.” The UAE’s ties with Russia, however, have helped the Gulf country broker multiple prisoner exchanges between Moscow and Kyiv, acting as a diplomatic intermediary for humanitarian swaps during the conflict. Abu Dhabi also helped mediate the release of American professional basketball player Brittney Griner in 2022.
Know more: The UAE’s trade relationship with Russia has grown in recent years. According to Russian state news agency TASS, bilateral trade reached a record $11.4 billion in 2023, fell slightly to about $10 billion in 2024, but is projected to surpass $10 billion in 2025.
In August, UAE President Sheikh Mohammed bin Zayed Al Nahyan met with Russian leader Vladimir Putin in Moscow, his second visit to Russia in less than a year. During their meeting, Sheikh Mohammed told Putin, “The trade turnover between Russia and the UAE reached $11.5 billion," and "We would like this figure to double over the next five years.”
Al-Monitor has reached out to the UAE Foreign Ministry and the Russian Foreign Ministry for comment.
