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Belarusian military chiefs are among the targets of the UK’s first tranche of sanctions against Minsk for the role it is playing in the Ukraine crisis.
British Foreign Secretary Liz Truss said Belarus President Alexander Lukashenko’s administration “actively aids and abets Russia’s illegal invasion” and should face the consequences.
Four senior defence officials and two military enterprises have had sanctions imposed with immediate effect under the UK’s Russia sanctions regime, the Foreign, Commonwealth and Development Office said.
The people sanctioned will be unable to travel to the UK and any of their UK-based assets will be frozen.
The decision affects the Belarus chief of the general staff and first deputy minister of defence, Maj Gen Viktor Gulevich, who is responsible for directing the Belarusian armed forces.
The Foreign Office said the Belarusian military has “supported and enabled the Russian invasion of Ukraine”.
Others sanctioned were Maj Gen Andrei Burdyko, the deputy minister of defence for logistics and chief of logistics of the Belarusian armed forces; deputy minister of defence for armament and chief of armament of the Belarusian armed forces, Maj Gen Sergei Simonenko; and deputy minister of defence, Maj Gen Andrey Zhuk.
State enterprises JSC 558 Aircraft Repair Plant and JSC Integral, a military semi-conductor maker, have also been included, the office said.
JSC 558 provides maintenance and servicing to military aircraft at Baranovichi air base, from which Russian aircraft operated as part of the invasion, the office said.
“We are inflicting economic pain on Putin and those closest to him," Ms Truss said. “We will not rest until Ukraine’s sovereignty and territorial integrity is restored.
“The Lukashenko regime actively aids and abets Russia’s illegal invasion and will be made to feel the economic consequences for its support for Putin.
“There will be nowhere to hide. Nothing – and no one – is off the table.”
The Belarus sanctions are on top of those already applied on Minsk by the UK since 2020.
More than 100 people and organisations have become targets after the fraudulent elections in Belarus and the “litany of abhorrent acts and human rights violations that the Lukashenko regime continues to commit”, the Foreign Office has said.
The move follows separate sanctions against Russia, including the banning of Russian ships from UK ports.
The ban includes any vessels owned or operated by anyone connected to Russia and authorities will also gain new powers to hold Russian vessels.
More economic measures introduced by Ms Truss, including against the Russian Central Bank and the state’s sovereign wealth fund, mean most of Russia’s financial system is now covered by UK sanctions.
The new measures ban UK and entities from providing financial services to the Central Bank of the Russian Federation, as well as the Ministry of Finance and National Wealth Fund.
A ban has also been enacted on a range of exports critical to the maintenance and development of Russia’s military and strategic interests.
It is being applied in close alignment with the US, EU and other partners to cut off much of Russia’s high-tech imports and constrain Russia’s future military-industrial and technological capabilities.
“We said Putin and those around him would pay the price for their unprovoked and illegal invasion of Ukraine, and we are being true to our word," Ms Truss said.
“The ban on Russian ships from UK ports, and new economic sanctions against key Russian financial institutions including its central bank, in close co-ordination with our allies, will degrade Russia’s economy and help make sure Putin loses.
“We stand with Ukraine, its people and its democracy, and will continue to support them diplomatically, economically, politically and defensively."
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Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
Gulf rugby
Who’s won what so far in 2018/19
Western Clubs Champions League: Bahrain
Dubai Rugby Sevens: Dubai Hurricanes
West Asia Premiership: Bahrain
What’s left
UAE Conference
March 22, play-offs:
Dubai Hurricanes II v Al Ain Amblers, Jebel Ali Dragons II v Dubai Tigers
March 29, final
UAE Premiership
March 22, play-offs:
Dubai Exiles v Jebel Ali Dragons, Abu Dhabi Harlequins v Dubai Hurricanes
March 29, final
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.”
Scoreline
Abu Dhabi Harlequins 17
Jebel Ali Dragons 20
Harlequins Tries: Kinivilliame, Stevenson; Cons: Stevenson 2; Pen: Stevenson
Dragons Tries: Naisau, Fourie; Cons: Love 2; Pens: Love 2
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