The arrest warrant for Delimkhanov, 39, was issued for "crimes against life and heath," Interpol said in a statement on its web site.
Delimkhanov has denied involvement in the murder, and he faces little risk of arrest as long as he stays in Russia.
A Russian official with Interpol's Moscow office said that a Russian court would have to decide whether Delimkhanov was guilty of the charges.
"Law enforcement agencies of the United Arab Emirates will have to send documents of the case against Delimkhanov to Russia. After that, a court will rule whether he is guilty or not," the official told Interfax.
Interpol made the announcement after Dubai police chief Dhahi Khalfan Tamim met Sunday with Interpol Secretary-General Ronald Kenneth Noble, Dubai police said in a statement.
Yamadayev, an ally-turned-enemy of Kremlin-backed Chechen President Ramzan Kadyrov, was shot dead near his luxury Dubai home on March 28 in what police have described as the first political killing on Dubai soil. Dubai police have detained two suspects.
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