Congressional leaders are pressing US President Joe Biden's administration to designate Russian dissident Vladimir Kara-Murza as wrongfully detained, amid warnings that internal repression by Moscow is fuelling its war in Ukraine.
The designation would give the US government more capabilities to address the Kremlin critic's case with Russian officials under the Levinson Act, a bipartisan measure named after former FBI agent Robert Levinson, who was unlawfully detained by Iran.
“I have called upon Secretary of State [Antony] Blinken to designate Vladimir as a wrongfully detained status under the Levinson Act,” Senate Foreign Relations Committee chairman Ben Cardin told Mr Kara-Murza's wife and children on Tuesday.
“We think that will put a more direct attention on this and make it a priority for the United States in our conversations with the Russian Federation.”
The bipartisan solidarity for Mr Kara-Murza's case comes as far-right Republicans in Congress continue to thwart efforts to fund Ukraine's battle against Russia's invasion.
Ukrainian President Volodymyr Zelenskyy warned this week that Kyiv would lose if Congress does not pass a $60 billion spending package for the war effort.
Sonata Coulter, State Department deputy assistant secretary, did not address calls for the Levinson designation while speaking before the committee.
“Russia's internal repression enables its external aggression. These are inextricably linked and we cannot address one without the other,” she said.
House of Representatives Speaker Mike Johnson was supposed to take up the legislation for a vote when the chamber returned from spring break this week, but indicated he would again push back the vote amid continued backlash from conservative hardliners.
A representative from the Free Russia Foundation said that a Levinson designation would “send a very strong signal to the Kremlin that the US is invested in [Mr Kara-Murza's] fate”.
In a stirring speech about her husband's advocacy for democracy in Russia, Evgenia Kara-Murza said the killing of fellow opposition leader Alexei Navalny has “demonstrated the urgency” of his case.
“Just like Navalny spent the last 15 years of his life trying to warn the international community of the danger that Putin's regime represents for the free world, I spent the last two years of mine trying to convince decision makers around the world that my husband's life was in danger,” Ms Kara-Murza said, alongside two of their three children.
The dual Russian-British citizen's charges centre on a March 2022 speech to the Arizona House of Representatives in which he was critical of Moscow's invasion of Ukraine.
Mr Kara-Murza, who has twice survived poisonings that he blamed on the Kremlin, has rejected the charges against him, describing it as punishment for standing up to President Vladimir Putin.
Congressional leaders joined the general public in a letter-writing station set up in the foreign relations committee hearing room, which was kept open for those in attendance to write notes of support that will be delivered to Mr Kara-Murza's penal colony.
The UK's deputy ambassador to the US, James Roscoe, joined the Capitol Hill event.
“We should be absolutely clear as we sit here today, that Vladimir Karma is a is a political prisoner in Russia … [The UK] will do all we can, we will make diplomatic interventions at the highest level, we will continue to consider further sanctions,” he said.
Tuesday's anniversary event took a uniquely personal tone, with many members of Congress speaking of their friendship with Mr Kara-Murza, whose lobbying played a critical role in Washington passing the Sergei Magnitsky Rule of Law Accountability Act in 2012.
The Republican ranking member of the Senate Armed Services Committee, Roger Wicker, was among those to show support for the Russian activist on the two-year anniversary of his imprisonment.
“I am honoured, deeply humbled to be a friend of Vladimir Kara-Murzo, and to be called upon to say a word or two,” Mr Wicker added, hinting that he will also be declaring his call for the Levinson designation on the Senate floor later on Tuesday.
Steve Cohen, a Democratic congressman, said the State Department had been to slow to consider the case.
“We have attempted to get State Department to use all available possibilities … We have written, and we have written and we have written, and I feel as if I'm writing to Vladimir Putin with the responses I'm getting from the State Department,” Mr Cohen said.
“There's no reason they shouldn't do this … you cannot be easy with Putin and expect any results.”
Thousands gather for funeral of Kremlin critic Alexei Navalny – in pictures
RESULT
Bayern Munich 5 Eintrracht Frankfurt 2
Bayern: Goretzka (17'), Müller (41'), Lewandowski (46'), Davies (61'), Hinteregger (74' og)
Frankfurt: Hinteregger (52', 55')
SQUAD
Ali Khaseif, Fahad Al Dhanhani, Adel Al Hosani, Mohammed Al Shamsi, Bandar Al Ahbabi, Mohammed Barghash, Salem Rashid, Khalifa Al Hammadi, Shaheen Abdulrahman, Hassan Al Mahrami, Walid Abbas, Mahmoud Khamis, Yousef Jaber, Saeed Ahmed, Majed Sorour, Majed Hassan, Ali Salmeen, Abdullah Ramadan, Khalil Al Hammadi, Fabio De Lima, Khalfan Mubarak, Tahnoun Al Zaabi, Ali Saleh, Caio Canedo, Muhammed Jumah, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
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.”
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital