Ukraine on Tuesday called for confidence-building measures as it prepared to implement a 30-day ceasefire with Russia, while the US defended its approach to ending the war.
The statements, made in separate sessions during the second day of the Raisina Dialogue conference in New Delhi, came just hours before a pivotal phone call between US President Donald Trump and Russian President Vladimir Putin that could shape the fate of the US-backed truce.
“We need confidence-building measures,” Ukraine’s Foreign Minister Andrii Sybiha said during a panel discussion, without elaborating.
“After Jeddah, we have gained new and swift opportunities to end this war this year, and we are ready for that. We are not the obstacle to achieving peace. Let’s see how the Russian side responds.”
Mr Trump has made ending the Russia-Ukraine conflict an early priority of his administration. On Friday, he expressed hope that Russia would accept a 30-day ceasefire, warning that if it did not, “it'll be a very disappointing moment for the world”.
He is scheduled to speak with Mr Putin on Tuesday to discuss the next steps in resolving the conflict. Mr Putin, speaking on Thursday, said he supported the idea of a 30-day ceasefire in Ukraine but suggested direct talks with Mr Trump to determine what a pause in hostilities would achieve.
The upcoming call follows a recent meeting in Jeddah where US Secretary of State Marco Rubio and National Security Adviser Michael Waltz met Ukrainian officials.
The discussions culminated in Kyiv accepting the ceasefire proposal, marking a significant development that appeared to repair strained US-Ukraine relations after a heated Oval Office meeting on February 28 between Ukrainian President Volodymyr Zelenskyy, Mr Trump and US Vice President JD Vance.
Beside the US and Saudi Arabia, India has also positioned itself as a peacemaker and facilitator between Russia and Ukraine.
“We are ready to implement the outcomes of the Jeddah meetings,” Mr Sybiha affirmed. However, he insisted that Ukraine’s core principles remained unchanged.
“There will be no compromises on Ukraine’s territory and sovereignty. There will be no revisions to our military capabilities. No third country has the right to block our participation in any union or bloc. We will never recognise any territories occupied by Russia,” he said.
Shortly before his remarks, US Director of National Intelligence Tulsi Gabbard defended Mr Trump’s mediation efforts, portraying his approach as a critical step to preventing a potential third world war and nuclear escalation.
Mr Trump, she said, had made it a central goal of his administration to end the war in Ukraine “to stop the killing, to prevent the risk of World War III and nuclear wars”.
“Unfortunately, as we've seen throughout history, simply calling for peace too often invites attacks and smears,” Ms Gabbard added.
“President Trump remains unwavering in his commitment to achieving peace through a strategy rooted in realism and pragmatism,” she continued.
“Securing peace through strength requires strong leadership with a clear-eyed and realistic understanding of global challenges, as well as opportunities. It requires leaders to have the courage to engage directly with both friends and adversaries alike to increase understanding and resolve differences.”
The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
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
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Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
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