graham Senator Lindsey Graham (R-SC) and Senator Richard Blumenthal (D-CT) speak during a news conference on declaring Russia as a state sponsor of terrorism, at the US Capitol in Washington, DC, on May 10, 2022. (Photo by Stefani Reynolds / AFP)
graham Senator Lindsey Graham (R-SC) and Senator Richard Blumenthal (D-CT) speak during a news conference on declaring Russia as a state sponsor of terrorism, at the US Capitol in Washington, DC, on May 10, 2022. (Photo by Stefani Reynolds / AFP)
graham Senator Lindsey Graham (R-SC) and Senator Richard Blumenthal (D-CT) speak during a news conference on declaring Russia as a state sponsor of terrorism, at the US Capitol in Washington, DC, on May 10, 2022. (Photo by Stefani Reynolds / AFP)
graham Senator Lindsey Graham (R-SC) and Senator Richard Blumenthal (D-CT) speak during a news conference on declaring Russia as a state sponsor of terrorism, at the US Capitol in Washington, DC, on M

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US

US senators move to designate Russia state terrorism sponsor after North Korea pact

US congressional leaders say defence agreement between Russia and North Korea is 'deeply scary'

Ellie Sennett
Ellie Sennett
Washington

June 20, 2024

  • English
  • Arabic

Leading senators from both political parties on Thursday introduced a bill aimed at adding Russia to the US list of state sponsors of terrorism, after a security deal was signed this week in which Moscow committed to supporting North Korea's defence ambitions.

“Two of the most autocratic leaders in the world standing together, terrorist sponsors," Democratic senator Dick Blumenthal told reporters, holding up a picture of the Russia-North Korea summit at which the deal was signed.

"Russia deserves to be, in fact it's deeply earned the designation of state sponsor of terrorism.

“In my view this message to the world is as important in a moral sense as any practical consequence."

Republican senator Lindsey Graham, a co-sponsor on the bill, said that President Joe Biden's administration should move quickly.

“If there was any doubt about who Putin is in terms of a terrorist state, he just entered into a definitive agreement with North Korea … pledging to help their nuclear programme,” Mr Graham said.

North Korea is already on the state terrorist list, along with Cuba, Iran and Syria.

Russian President Vladimir Putin and North Korean leader Kim Jong-un signed a comprehensive strategic partnership agreement that included a pledge to “provide mutual assistance in case of aggression".

Mr Blumenthal said that is “deeply scary”, and believes the pact is a Russian endorsement of North Korea's nuclear ambitions.

“It signals co-operation, not only against Ukraine, but against the United States … The idea is that Russia would be lending its nuclear expertise to North Korea."

Bunting lines a main street of Pyongyang's central district for the visit by Russian President Vladimir Putin to North Korea. AP
Bunting lines a main street of Pyongyang's central district for the visit by Russian President Vladimir Putin to North Korea. AP

Washington, a stalwart backer of Ukraine in its defence against Russia's 2022 invasion, has increased pressure on Moscow, including a harsh sanctions regime, but the rare state sponsor of terrorism designation would be a distinct escalation.

The designation by Washington has wide-ranging ramifications, with many businesses and banks unwilling to incur the risk of legal action by US prosecutors.

Mr Blumenthal has said the Biden administration is “sympathetic” to the goals of the bill but he has differences on this subject with the President.

Mr Biden said in 2022 that it would be counter-productive to designate Russia a “state sponsor of terrorism”, rejecting previous calls from Ukraine and Congress.

The White House has said that the designation would hamper aid delivery to parts of war-ravaged Ukraine, including a deal brokered by the UN and Turkey to ship grain from Ukraine's blockaded ports.

“If you worry about being too provocative regarding Russia, stop worrying,” Mr Graham said on Thursday.

“We need to up our game when it comes to Russia."

The European Parliament declared Russia a “state sponsor of terrorism” in 2022, condemning “deliberate attacks and atrocities committed by Russian forces and their proxies against civilians in Ukraine".

In pictures: Ukraine-Russia conflict

  • Ukrainian rescuers at the site of a rocket attack on a residential building in Dnipro, south-eastern Ukraine. EPA
    Ukrainian rescuers at the site of a rocket attack on a residential building in Dnipro, south-eastern Ukraine. EPA
  • Rescues carry a person wounded by a Russian missile strike in Dnipro. Reuters
    Rescues carry a person wounded by a Russian missile strike in Dnipro. Reuters
  • Rescuers tackle a blaze at a building struck by Russian bombs, in Dnipro. AP
    Rescuers tackle a blaze at a building struck by Russian bombs, in Dnipro. AP
  • An apartment building hit by a Russian missile strike in Dnipro. Reuters
    An apartment building hit by a Russian missile strike in Dnipro. Reuters
  • Ukrainian soldiers fire at Russian positions near the town of Kupyansk, Kharkiv Region. AFP
    Ukrainian soldiers fire at Russian positions near the town of Kupyansk, Kharkiv Region. AFP
  • A building destroyed by a Russian air strike in the front-line town of Orikhiv. AP
    A building destroyed by a Russian air strike in the front-line town of Orikhiv. AP
  • A dog stands on the rubble as rescuers work at the site of a destroyed building during a Russian missile strike in Chernihiv. Reuters
    A dog stands on the rubble as rescuers work at the site of a destroyed building during a Russian missile strike in Chernihiv. Reuters
  • A Ukrainian serviceman works on an FPV drone in a workshop in the Donetsk region. Reuters
    A Ukrainian serviceman works on an FPV drone in a workshop in the Donetsk region. Reuters
  • Local resident Kateryna, 77-years-old, walks with a litter of puppies, which she feeds in the yard of her bomb-damaged apartment block in the town of Kurakhove. AFP
    Local resident Kateryna, 77-years-old, walks with a litter of puppies, which she feeds in the yard of her bomb-damaged apartment block in the town of Kurakhove. AFP
  • Ukrainian rescuers at the scene of a missile strike near a residential building, in Zaporizhzhia. EPA
    Ukrainian rescuers at the scene of a missile strike near a residential building, in Zaporizhzhia. EPA
  • A woman looks at the damage in her flat after debris from a missile strike hit nearby, in Kyiv. EPA
    A woman looks at the damage in her flat after debris from a missile strike hit nearby, in Kyiv. EPA
  • Ukrainian firefighters at the scene of a missile strike in Kyiv. EPA
    Ukrainian firefighters at the scene of a missile strike in Kyiv. EPA
  • Ukrainian servicemen take part in military training at an undisclosed location near the frontline. EPA
    Ukrainian servicemen take part in military training at an undisclosed location near the frontline. EPA
  • Ukrainian troops run near the site of a rocket attack on an industrial building, in Kharkiv. EPA
    Ukrainian troops run near the site of a rocket attack on an industrial building, in Kharkiv. EPA
  • A pilot operates a drone at a training ground in the Kyiv region. AFP
    A pilot operates a drone at a training ground in the Kyiv region. AFP
  • Ukrainian and Russian soldiers are depicted in a tug-of-war on a memorial in Izium, Kharkiv region. AP
    Ukrainian and Russian soldiers are depicted in a tug-of-war on a memorial in Izium, Kharkiv region. AP
  • A man looks at his home in a damaged apartment building in Izium, Kharkiv. AP
    A man looks at his home in a damaged apartment building in Izium, Kharkiv. AP
  • Ukrainian civilian women are trained to use weapons, in Kyiv. AFP
    Ukrainian civilian women are trained to use weapons, in Kyiv. AFP
  • A Ukrainian soldier mans a position as new recruits receive training at an undisclosed location in the Donetsk region. EPA
    A Ukrainian soldier mans a position as new recruits receive training at an undisclosed location in the Donetsk region. EPA
  • A man pays tribute at a makeshift memorial for fallen Ukrainian soldiers, at the Independence Square in Kyiv. AFP
    A man pays tribute at a makeshift memorial for fallen Ukrainian soldiers, at the Independence Square in Kyiv. AFP
  • An emergency worker at the scene of a Russian attack in Odesa. AP
    An emergency worker at the scene of a Russian attack in Odesa. AP
  • Ukrainian recruits are trained by members of the Danish military, in the east of England. AP
    Ukrainian recruits are trained by members of the Danish military, in the east of England. AP
  • Danylo, commander of an engineering and sapper company of the Ukrainian Armed Forces, inspects pyramidal anti-tank obstacles known as 'dragon's teeth' before installing them into a new fortification line in Zaporizhzhia region. Reuters
    Danylo, commander of an engineering and sapper company of the Ukrainian Armed Forces, inspects pyramidal anti-tank obstacles known as 'dragon's teeth' before installing them into a new fortification line in Zaporizhzhia region. Reuters
While you're here
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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Top investing tips for UAE residents in 2021

Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.

Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.

Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.

Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.

Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.

Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.

Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”

Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI. 

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UAE currency: the story behind the money in your pockets
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On Women's Day
Dubai World Cup draw

1. Gunnevera

2. Capezzano

3. North America

4. Audible

5. Seeking The Soul

6. Pavel

7. Gronkowski

8. Axelrod

9. New Trails

10. Yoshida

11. K T Brave

12. Thunder Snow

13. Dolkong 

Updated: June 20, 2024, 6:53 PM