Russian President Vladimir Putin and United Arab Emirates (UAE) President Sheikh Mohammed bin Zayed met at the St. Petersburg International Economic Forum to discuss strategic partnerships and the Ukraine crisis. They expressed their commitment to ongoing bilateral ties. The UAE president was the most prominent guest at the event, and while there, he called for the de-escalation of the Russia-Ukraine war and an increase in cooperation, particularly in the private sector. The UAE has seen a 95% increase in non-oil trade with Russia in 2022, and wealthy Russians seek to liquidate billions of dollars through UAE-based cryptocurrency exchanges.

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