The UN Security Council on Friday rejected a last-minute effort backed by Russia and China to delay for six months the reimposition of sanctions on Iran.
The vote on a draft resolution failed to secure the minimum nine votes needed in the 15-member Security Council.
As a result, all UN sanctions on Iran suspended under a 2015 nuclear agreement will automatically “snap back” into effect on Sunday.
Nine members voted against, four in favour, and two abstained from voting.
The measures will freeze Iranian assets abroad, ban arms sales to Tehran and curb development of its ballistic missile programme, further straining an economy already weakened by years of restrictions.
Britain, France and Germany triggered the 30-day mechanism last month, accusing Tehran of breaching the 2015 nuclear deal aimed at curbing its atomic programme.
The European powers argue Iran has advanced uranium enrichment activities well beyond levels necessary for civilian use, eroding the milestone agreement.
The Russian and Chinese-sponsored draft would have delayed the sanctions and urged all parties to “immediately resume negotiations” to return to the table.
“Iran undertook all possible measures to accommodate the E3 [UK, France and Germany] and the US. Did Washington, London, Paris, Berlin, make new compromises? No, they did not,” Russian deputy ambassador Dmitry Polyanskiy told Council members.
European nations have said they would be willing to extend the deadline if Iran complies with a series of conditions.
These include resumption of direct negotiations with the US over Tehran's nuclear programme, allowing UN nuclear inspectors access to its nuclear sites, and accounts for the more than 400 kilograms of highly enriched uranium the UN watchdog says it has.
France disagreed with Russia and described efforts it made throughout this week's General Assembly to reach an agreement with Iran on a proposal of extension.
“We sought an immediate agreement, yet Iran preferred to postpone everything,” said Jerome Bonnafont, France’s UN envoy.
Deputy US envoy Dorothy Shea said Washington was “pleased” that China's and Russia's “last-ditch effort” had failed.
“The snapback of these measures does not preclude removal through diplomacy, but at this stage there is no basis for changing course,” she added.
Britain, France and Germany say Iran has flouted restrictions that would ensure it never develops an atom bomb – such as limits on its uranium stockpile.
Iran – which insists its intentions are peaceful – agreed to those terms in 2015 in exchange for many sanctions being lifted, notably on its oil and banking sectors.
“The failure of high-level engagement between senior Iranian and European diplomats … underscores the difficulty in getting Tehran and Washington back to negotiations after the June war,” said the International Crisis Group’s Iran project director Ali Vaez on Friday.
He added that while western diplomats expect difficulties in implementation, the revived measures “will add a multilateral layer to the unilateral US ‘maximum pressure’ campaign against the Islamic Republic.”
Conflict over Iran's nuclear activities led to a 12-day air war with Israel in June, which culminated in a US bombing of Iran and an Iranian strike against an airbase in Qatar used by American forces.
Iran’s Foreign Minister Abbas Araghchi told the Security Council that the US and its European allies bore full responsibility for the fallout from their decision to restore sanctions.
"The developments we have witnessed set a dangerous precedent," he said. "If agreements can be broken at will, no nation can trust international commitments. If unlawful measures are enforced by power instead of law, the Secretary Council risks losing credibility and authority. Such a situation would harm not only Iran, but the entire system of international law and collective security."
RACECARD
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GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Score
Third Test, Day 2
New Zealand 274
Pakistan 139-3 (61 ov)
Pakistan trail by 135 runs with 7 wickets remaining in the innings
DUNGEONS%20%26%20DRAGONS%3A%20HONOR%20AMONG%20THIEVES
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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.”
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
THE%20SPECS
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Brighton 1
Gross (50' pen)
Tottenham 1
Kane (48)
MIDWAY
Produced: Lionsgate Films, Shanghai Ryui Entertainment, Street Light Entertainment
Directed: Roland Emmerich
Cast: Ed Skrein, Woody Harrelson, Dennis Quaid, Aaron Eckhart, Luke Evans, Nick Jonas, Mandy Moore, Darren Criss
Rating: 3.5/5 stars
KILLING OF QASSEM SULEIMANI
CONCRETE COWBOY
Directed by: Ricky Staub
Starring: Idris Elba, Caleb McLaughlin, Jharrel Jerome
3.5/5 stars
Get inspired
Here are a couple of Valentine’s Day food products that may or may not go the distance (but have got the internet talking anyway).
Sourdough sentiments: Marks & Spencer in the United Kingdom has introduced a slow-baked sourdough loaf dusted with flour to spell out I (heart) you, at £2 (Dh9.5). While it’s not available in the UAE, there’s nothing to stop you taking the idea and creating your own message of love, stencilled on breakfast-inbed toast.
Crisps playing cupid: Crisp company Tyrells has added a spicy addition to its range for Valentine’s Day. The brand describes the new honey and chilli flavour on Twitter as: “A tenderly bracing duo of the tantalising tingle of chilli with sweet and sticky honey. A helping hand to get your heart racing.” Again, not on sale here, but if you’re tempted you could certainly fashion your own flavour mix (spicy Cheetos and caramel popcorn, anyone?).