Russian Foreign Minister Sergey Lavrov addresses the UN Security Council. EPA
Russian Foreign Minister Sergey Lavrov addresses the UN Security Council. EPA

Sergey Lavrov condemns US disregard for UN resolutions



Russia’s Foreign Minister Sergey Lavrov condemned the US on Tuesday for blatantly ignoring UN resolutions, and accused Washington of disregarding the illegality of Israeli control over the Golan Heights.

Leading a ministerial meeting at the Security Council on how countries can work together to make the world a more just place, Mr Lavrov highlighted the need for adherence to the UN Charter's principles.

“Not all states represented in this room recognise the key principle of the UN Charter and the sovereign equality of all states,” Mr Lavrov said.

He warned against engaging in “pointless polemics” and directly criticised the US for its stance.

“The United States has long, through the words of its presidents, declared its own exceptionalism,” and demands from allies an "unquestioning obedience even to the detriment of their national interests," said Mr Lavrov.

The Russian diplomat, whose country is presiding over the Security Council for the month of July, criticised US Secretary of State Antony Blinken for ignoring the illegality of Israeli control over the Golan Heights, despite UN Security Council Resolution 497, which states that Israel's annexation of the territory is illegal.

In 2019, former president Donald Trump officially recognised Israeli sovereignty over the Golan Heights, which were seized from Syria in 1967 and annexed in 1981.

Mr Lavrov also reminded the council that on March 25, the US referred to a newly adopted resolution demanding an immediate humanitarian ceasefire in the Gaza Strip as “not legally binding”.

“In other words, these American rules are more important than Article 25 of the UN Charter,” he asserted.

“The sabotage of resolutions on the Middle East can be discussed endlessly.”

The UAE ambassador to the UN Mohamed Abushahab noted that multilateralism is "under severe strain" and emphasised the need to examine how to "revitalise" it.

"Our multilateral system often fails to facilitate decisive action due to political polarisation and competing interests. This is evident in this council's deliberations on Gaza and Ukraine," he stated.

"The failure of the Security Council to act decisively and the misuse of the veto combined with unimplemented resolutions have undermined the council's ability to protect civilians and allowed the death and suffering of thousands and the displacement of millions to continue unabated. It serves as a case study for why reform is so urgently needed," he added.

Mr Lavrov also accused US President Joe Biden's administration of stoking a war in Ukraine with the “reckless expansion” of Nato and holding Europe “at gunpoint”.

Germany's decision to submit to Washington and station long-range US missiles was an act of “humiliation”, he said.

The Russian Foreign Minister called for peace in Ukraine on terms set out by President Vladimir Putin, which Kyiv has rejected, as well as recognition of a multipolar world, reforming the UN, international financial institutions and other global organisations.

US ambassador to the UN Linda Thomas-Greenfield responded sharply to Mr Lavrov's comments, stating that Moscow “doesn't take this matter [respecting the UN Charter] seriously”.

“As I listened to the Russian representative's statement, I thought I was in the wrong room because this seemed to be a session whining about the United States and the West, and I hardly heard the word 'multilateralism' mentioned,” she said.

“As we speak, Russia continues to erode confidence in our institutions, while willfully and flagrantly violating the core tenets of the United Nations Charter: territorial integrity, respect for human rights, international cooperation."

Just before the meeting, Ukraine’s UN Ambassador, Sergiy Kyslytsya, read a statement on behalf of about 50 countries, including the United States.

“The Russian Federation’s continued illegal actions and blatant hypocrisy undermine multilateral and international cooperation” and “exacerbate regional tensions, and endanger international peace and security,” the 50 countries said.

The joint statement also condemned North Korea’s military support to Moscow in violation of UN sanctions, and violations by Iran when UN sanctions were in effect.

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Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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Europe’s rearming plan
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Updated: July 17, 2024, 3:58 PM