"Soviet athletes are the pride of our country. For a healthy, cheerful generation, ready to work and defend the socialist homeland!" So reads a 1935 propaganda poster by Victor Koretsky. He depicts a Utopian scene, dominated by three beaming athletes, mid-stride in different coloured kits, symbolic of the athleticism found in all corners of the Soviet Union. In the background, comrades row, run and play football. The message is clear: physical activity is key to maintaining a harmonious, strong socialist idyll.
Good for the mind and body, sport, which should rise above international politics, is also supposed to be good for the world. This was not the case throughout the Cold War. US-USSR sporting competitiveness easily matched the intensity of the space race, from Olympic rivalry to Rocky IV, in which an all-American boxing hero fights Ivan Vasilyevich Drago, a comically threatening, almost bionic character who summed up the strength of Soviet elite athletes.
After the Russian invasion of Ukraine last week, sport is taking on renewed geopolitical significance, and the shadow of the USSR is looming large. Joining the ranks of the underdog Ukrainian military are four of the country's boxing greats, Wladimir and Vitali Klitschko, Oleksandr Usyk and Vasiliy Lomachenko, alongside professional tennis players and competitors that have only just returned from the Beijing Winter Olympics.
The four boxers have very different international allegiances to Koretsky's model Soviet athletes. The Klitschko brothers spent most of their careers in Germany where they drew record viewing figures, built fortunes and became fluent in German. Born in the USSR, they are now among the most internationally recognisable Ukrainians asking for western support against Russia and in favour of Ukrainian membership of the EU.
Usyk, despite threatening the global dominance of British star Anthony Joshua, is a favourite among UK fans for more than his graceful technique in a heavyweight division that so often sees more brawn than brains. He is the subject of a meme, having once been asked by a reporter how he felt after a fight. Unfamiliar with English, he replied "I am very feel". To the delight of British audiences, he now repeats the phrase in any English-language interview. When a video emerged of him singing along to Neil Diamond's Sweet Caroline, a cult-favourite among UK crowds, he practically became a citizen.
It is a less wholesome outlook for Russians involved in sport. Israeli-Russian billionaire Roman Abramovich confirmed on Wednesday that he is selling London football club Chelsea. Mr Abramovich is arguably the best-known owner in the world, so it is an astonishingly quick decision that ends a 19-year tenure mere days into the invasion. A similar situation is unfolding at Everton. As more and more players don Ukraine shirts before matches, the era of anonymous Russian billions in international football could be over.
But it is not just those in the background that are losing out. Russia and Belarus have been told they cannot compete in the Winter Paralympics, and Russian footballers will not be going to the World Cup. By going back to Ukraine, both Usyk and Lomachenko risk missing career-defining fights.
It is understandable that all manner of punishments be explored, including in sport, as Moscow continues its aggression. But it is tragic that the short careers of Russian athletes are being sacrificed in the process. They have already had a tough few months. Kamila Valieva, a figure skater and gold-medal hopeful at this year's winter Olympics, never recovered after testing positive for an illegal substance before the competition. Eventually allowed to participate, her performance suffered under the immense stress of so much media scrutiny.
Now, all Russian figure skaters have been banned from the upcoming world championships. The huge risk of disappointment after so much sacrifice is something no propagandist would ever reference, and a side to sport that we too often forget. One historic USSR poster depicts a female skater competing in front of thousands with the caption: "Youth, go skating!" Valieva did just that; it ended in her crying while being berated by her coach, footage that was beamed across the world. She is just 15.
Even when Russian athletes do return to the global stage, they will be representing a country that has never been so isolated, and the world will be watching. While sport should rise above political acrimony, the backdrop of violence has given us some of the most famous athletic moments of all time. The marathon comes from a 490 BCE battle between Ancient Greeks and Persians, when the messenger Pheidippides ran 25 miles back to Athens to deliver news of victory. A key example from the Soviet era is the only famous water polo match in history, the 1956 USSR-Hungary "blood in the water" game. It took place as Soviet forces were putting down an uprising in Budapest. The match was so violent that five players were sent out by the referee and the pool turned red from all the spilt blood.
Ukraine might well become Russia's new Hungary. But for now, the young in both, who were once the pride of the same country, are locked only in war, the most terrible competition of all. If only they could return to sport.
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
More from Neighbourhood Watch:
PRESIDENTS CUP
Draw for Presidents Cup fourball matches on Thursday (Internationals first mention). All times UAE:
02.32am (Thursday): Marc Leishman/Joaquin Niemann v Tiger Woods/Justin Thomas
02.47am (Thursday): Adam Hadwin/Im Sung-jae v Xander Schauffele/Patrick Cantlay
03.02am (Thursday): Adam Scott/An Byeong-hun v Bryson DeChambeau/Tony Finau
03.17am (Thursday): Hideki Matsuyama/CT Pan v Webb Simpson/Patrick Reed
03.32am (Thursday): Abraham Ancer/Louis Oosthuizen v Dustin Johnson/Gary Woodland
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
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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
Global institutions: BlackRock and KKR
US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.
KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.
England Test squad
Joe Root (captain), Moeen Ali, James Anderson, Jonny Bairstow (wicketkeeper), Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Dawid Malan, Jamie Porter, Adil Rashid, Ben Stokes.
Andor
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
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The Lost Letters of William Woolf
Helen Cullen, Graydon House
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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My Cat Yugoslavia by Pajtim Statovci
Pushkin Press
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
UAE currency: the story behind the money in your pockets
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
UAE SQUAD
Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani
Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Salem Rashid, Mohammed Al Attas, Alhassan Saleh
Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Yahya Nader, Ahmed Barman, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah, Yahya Al Ghassani
Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions