The UN General Assembly has approved a resolution demanding that Russia immediately pull all of its troops out of Ukraine and calling for a cessation of hostilities, one year after Moscow invaded its western neighbour.
Member nations met at a special session of the UN General Assembly on Thursday to condemn the February 24, 2022, invasion that Secretary General Antonio Guterres earlier called an “affront to our collective conscience”.
He described the anniversary as “a grim milestone for the people of Ukraine and for the international community”.
The non-binding resolution was approved by 141 countries. Seven voted no and 32 abstained, including China.
The vote came one day after Nato Secretary General Jens Stoltenberg warned that China could be making plans to provide arms to Russia.
Dai Bing, China's deputy ambassador to the UN, told the General Assembly that “sending weapons will not bring peace” and called for negotiations.
He warned against “man-made nuclear accidents”, and added that “nuclear weapons cannot be used — nuclear war cannot be fought”.
US ambassador to the UN Linda Thomas-Greenfield, who described the vote as “historic”, demanded Russia “withdraw immediately, completely and unconditionally from Ukraine's internationally recognised territory”.
“Send your troops home,” she said.
While non-binding, the vote laid out the extent of support for Kyiv around the world as the war grinds on, with Russia occupying large areas of Ukraine and both sides gearing up for intensified fighting in the spring.
UN diplomats had been hoping for as many as 150 votes in support of the resolution, but the final tally was exactly the same as a similar resolution on March 2 last year that condemned Russia’s invasion and demanded it withdraw its troops.
The EU's foreign policy chief, Josep Borrell, told reporters that Russia has “tried during the whole week to distract and disrupt United Nations work with manoeuvres”.
“Once again, it has failed,” he said.
On Wednesday, Ukraine's Foreign Minister Dmytro Kuleba had urged delegates to support the resolution, sponsored by dozens of the country's allies, saying they faced a “decisive moment”.
“Never in recent history has the line between good and evil been so clear,” he said. “One country merely wants to live. The other wants to kill and destroy.”
One year of the Russia-Ukraine war — in pictures
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February 24 will be a year since Russia started the Ukraine war. The National picks out the most powerful images from the conflict. AFP -

A member of Ukraine's 79th Air Assault Brigade fires a rocket-propelled grenade at Russian positions near Marinka in February. Reuters -

Ukrainian President Volodymyr Zelenskyy addresses MPs in Westminster Hall, London, in February 2023. Getty Images -

Destroyed buildings 32km west of the front lines in Donetsk in January. Getty Images -

An anti-aircraft gun in January fires at Russian positions near Bakhmut, Donetsk. Reuters -

Destruction in the village of Bohorodychne, Donetsk. AFP -

A Ukrainian artilleryman discards an empty shell on the outskirts of Bakhmut, eastern Ukraine, in December 2022. AFP -

Children receive presents from a Ukrainian soldier dressed as Santa on Christmas Eve in Sloviansk. Getty Images -

More than 1,000 missiles and rockets fired by Russian forces collected for cataloguing in Kharkiv in December 2022. Getty Images -

The Metro provides shelter as Russia launches another missile attack on Kyiv, Ukraine's capital, in December 2022. Getty Images -

Children at a PE class in Kyiv after Russia abandoned its attempt to seize the capital in November 2022. Getty Images -

A sniper searches for Russian positions on the bank of the Dnipro river in Kherson in November 2022. Getty Images -

Graffiti by Banksy on a wall among the debris in Borodyanka in November 2022. Getty Images -

Ukrainian flags flutter around graves in a cemetery for soldiers killed in action in Kharkiv in October 2022. Getty Images -

Parts of a drone, which Ukrainian authorities said was Iranian-made, after a Russian strike in Kyiv in October 2022. Reuters -

An elderly woman is helped across a damaged bridge in Bakhmut in October 2022. Getty Images -

Fuel tanks ablaze on damaged sections of the Kerch bridge in Crimea, in October 2022. Reuters -

A destroyed bridge makes crossing the Donets river difficult, in Staryi Saltiv, east of Kharkiv, in September 2022. AFP -

Firefighters at a thermal power plant in Kharkiv damaged by a Russian missile strike in September 2022. Reuters -

Ukrainian soldier Oleksandr with his daughter Nikole at Lviv railway station in August 2022. Getty Images -

Ukrainian President Volodymyr Zelenskyy and then-British prime minister Boris Johnson read a plaque in Kyiv in August 2022 dedicated to the latter for his support. Getty Images -

Destroyed Russian military equipment on Khreshchatyk street in Kyiv. The materiel was turned into an open-air military museum ahead of Ukraine's Independence Day on August 24. AFP -

Shakhtar Donetsk v Metalist Kharkiv kicks off the Ukrainian Premier League season in August 2022 amid fears of bomb and missile alerts. EPA -

Ukrainian servicemen fire an American-made 155mm M777 howitzer in July 2022 in the Kharkiv area. EPA -

A bomb crater on the Antonovsky bridge across the Dnipro river in Kherson, July 2022. AFP -

Maksym and Andrii with plastic guns at a 'checkpoint' they set up while playing in Kharkiv, July 2022. AP -

Ukrainian troops on Snake Island in June 2022. Reuters -

A woman evacuated from an area of conflict in June 2022 contemplates what the next move might be. AP -

Romanian President Klaus Iohannis, Italian Prime Minister Mario Draghi, Ukrainian President Volodymyr Zelenskyy, French President Emmanuel Macron and German Chancellor Olaf Scholz in Kyiv in June 2022. Getty Images -

Graves in Irpin cemetery, May 2022. Getty Images -

A Ukrainian soldier trapped within the besieged Azovstal Iron and Steel Works complex in Mariupol in May 2022. Reuters -

The wreckage of a Russian helicopter in a bomb-cratered field in Biskvitne, May 2022. Getty Images -

A Ukrainian army officer inspects a grain warehouse shelled by Russian forces in May 2022 near Novovorontsovka, Kherson. Getty Images -

A boy from Mariupol arriving at an evacuation point in Zaporizhzhia in May 2022. Getty Images -

A Russian serviceman on guard outside Zaporizhzhia nuclear power station in May 2022. AFP -

Oksana searches for salvageable items on the destroyed second floor of her home in Hostomel, April 2022. Getty Images -

A floral memorial wall in Lviv for Ukrainian civilians killed during the Russian invasion, April 2022. Getty Images -

People fleeing Lviv, eastern Ukraine, in April 2022, wait for a bus that will take them to Poland. Getty Images -

A Russian soldier patrols a bombed Mariupol theatre in April 2022, as Moscow intensified its campaign to take the strategic port city. AFP -

A Ukrainian celebrates success in Hostomel in April 2022. Getty Images -

Julia Palovskaya reads to children during an air raid drill in the basement shelter at a preschool in Lviv, April 2022. Getty Images -

Volodymyr Zelenskyy in Bucha in April 2022, where hundreds of bodies were found in the street and it was claimed the Russian leadership was responsible for killing civilians. AFP -

Oleh Smolin, 23, who suffered leg injuries from Russian shelling in April 2022, in hospital in Chuhuiv. Getty Images -

Fleeing refugees arrive at the border train station of Zahony, Hungary, in March 2022. Getty Images -

A father says goodbye to his daughter on an evacuation train about to leave Odesa in March 2022. AFP -

Ukrainians under a destroyed bridge as they try to cross the Irpin river on the outskirts of Kyiv in March 2022. AP -

People cram into Kyiv station to catch trains to Poland or to western parts of Ukraine, shortly after the initial invasion in February 2022. Getty Images -

A demonstration in support of Ukraine in Trafalgar Square, London, February 2022 . Getty Images -

Russian army vehicles in Armyansk, Crimea, in February 2022. AFP -

Volodymyr Zelenskyy in Kyiv on February 25, 2022, in a video on Facebook. He said 'we are all here', shortly after the Russian invasion began. AFP -

A residential building damaged by a missile strike in Kyiv in February 2022. Getty Images -

A metro station in Kyiv in February 2022, crowded with people trying to escape the invasion. AFP -

A police officer addresses people gathered to protest against the invasion of Ukraine, in central Saint Petersburg, Russia, February 2022. AFP -

A protester in support of Ukraine, in Berlin, Germany, in February 2022. Getty Images -

Ukrainian soldiers prepare to repel an attack in Ukraine's Lugansk region on February 24, 2022. AFP -

Volodymyr Zelenskyy in Kyiv on February 24, 2022, after Russia launched a full-scale invasion. AFP -

A mass exodus from Kyiv after pre-offensive missile strikes by Russian armed forces on February 24, 2022. Getty Images -

Security personnel inspect the remains of a shell in Kyiv on February 24, 2022, soon after Russian President Vladimir Putin announced a military operation in Ukraine. AFP -

CCTV footage shows Russian military equipment crossing a Crimea border checkpoint on February 24, 2022. AFP -

Russian President Vladimir Putin in the Kremlin early on February 24, 2022, when he announced a 'military operation' in Ukraine. AFP
But Russia's ambassador to the UN Vasily Nebenzya described Ukraine as “neo-Nazi” and accused the West of sacrificing the country and the developing world in their desire to beat Moscow.
“They are ready to plunge the entire world into the abyss of war” to maintain their own “hegemony”, Mr Nebenzya said.
The resolution underscores the need to “reach, as soon as possible, a comprehensive, just and lasting peace” in line with the UN Charter.
But it makes no direct reference to Ukrainian President Volodymyr Zelenskyy's 10-point peace plan presented at the G20 summit in November.
On March 24 last year, 140 states voted to demand civilian protection and humanitarian access in Ukraine.
Then on October 12, 143 countries voted to condemn Russia's “attempted illegal annexation” of four partially occupied regions of Ukraine.
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.”
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