US Secretary of State Antony Blinken addresses a press conference at the Nato Foreign Ministers meeting in Riga, Latvia. AFP
US Secretary of State Antony Blinken addresses a press conference at the Nato Foreign Ministers meeting in Riga, Latvia. AFP
US Secretary of State Antony Blinken addresses a press conference at the Nato Foreign Ministers meeting in Riga, Latvia. AFP
US Secretary of State Antony Blinken addresses a press conference at the Nato Foreign Ministers meeting in Riga, Latvia. AFP

Blinken says Russia is building capacity to invade Ukraine in 'short order'


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US Secretary of State Antony Blinken said on Wednesday that Washington had seen evidence Russia could be planning an invasion of Ukraine, and threatened Moscow with painful economic sanctions if it attacks.

"We're deeply concerned by evidence that Russia has made plans for significant aggressive moves against Ukraine. Plans include efforts to destabilise Ukraine from within as well as large-scale military operations," Mr Blinken said after a meeting of Nato foreign ministers in Latvia's capital Riga.

He accused Moscow of massing "tens of thousands of additional combat forces" near the border.

Mr Blinken did not say what the evidence consisted of.

"Now, we don't know whether President Putin has made the decision to invade," he said. "We do know that he's putting in place the capacity to do so on short order, should he so decide."

Mr Blinken said that "diplomacy is the only responsible way to resolve this potential crisis" before a meeting with Russian counterpart Sergey Lavrov in Sweden on Thursday.

But he gave a warning that there would be "far-reaching and long-lasting consequences" for Moscow if it pushed ahead with any aggression.

He said the US would impose “high-impact economic measures that we’ve refrained from using in the past” if Russia invaded its neighbour.

"We made it clear to the Kremlin that we will respond resolutely," Mr Blinken said.

He also said that Nato allies were "making sure that Ukraine has the means to defend itself", and that the alliance would "look at what it needs to do in the event of further Russian aggression, to shore up its own defences".

On Tuesday, Mr Blinken gave a warning that any Russian aggression in Ukraine would trigger "serious consequences". He said movements on Ukraine's eastern border were unusual and that any escalation would be of "great concern to the United States".

Moscow, which seized Crimea from Ukraine in 2014 and backs separatists fighting Kiev, has strongly denied it is plotting an attack and blames Nato for fuelling tensions.

Russian President Vladimir Putin accused Nato of menacing Russia. He demanded “legally binding” security guarantees that would keep Nato weapons out of Ukraine.

“The threat on our Western frontier is really growing,” Mr Putin said at the Kremlin earlier Wednesday. “For us, this is more than serious.”

Asked about Mr Putin’s remarks, Mr Blinken said that the notion that Ukraine poses a threat to Russia “would be a bad joke if things weren’t so serious”.

The back-and-forth comments made clear that tensions only continue to escalate between the former Cold War foes, even as both insist they want to ease them.

Moscow on Wednesday accused Ukraine of massing tens of thousands of troops in the country's east, as worries grow over an escalation.

Also on Wednesday, Ukrainian President Volodymyr Zelensky called for direct talks with Moscow.

Earlier, Ukraine asked Nato for a “deterrence package” to bolster its defences against Russia.

Ukrainian Foreign Minister Dmytro Kuleba said additional military support was needed to defend his nation against the threat of Moscow.

Mr Kuleba called for a three-pronged approach involving clear communications with the Kremlin, preparing a package of sanctions and increasing military support for Kiev.

"We are confident that if we join efforts, if we act in a co-ordinated fashion, we will be able to deter President Putin and to demotivate him from choosing the worst-case scenario, which is a military operation," Mr Kuleba said.

After the meeting in Riga, Nato Secretary General Jens Stoltenberg warned Russia that it would face a "high price" if it launched an operation against Ukraine and said alliance members could impose sanctions. Nato itself does not decide on sanctions.

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

Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

Key products and UAE prices

iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229

iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649

iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179

Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.

Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Director: Venkat Prabhu
Rating: 2/5
match info

Southampton 2 (Ings 32' & pen 89') Tottenham Hotspur 5 (Son 45', 47', 64', & 73', Kane 82')

Man of the match Son Heung-min (Tottenham)

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

Low turnout
Two months before the first round on April 10, the appetite of voters for the election is low.

Mathieu Gallard, account manager with Ipsos, which conducted the most recent poll, said current forecasts suggested only two-thirds were "very likely" to vote in the first round, compared with a 78 per cent turnout in the 2017 presidential elections.

"It depends on how interesting the campaign is on their main concerns," he told The National. "Just now, it's hard to say who, between Macron and the candidates of the right, would be most affected by a low turnout."

Know your Camel lingo

The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home

Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

Asayel camels - sleek, short-haired hound-like racers

Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival

UAE currency: the story behind the money in your pockets
Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.

UAE squad

Rohan Mustafa (captain), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan

Sheer grandeur

The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.

A clear distinction between the residences and the Raffles hotel with the amenities operated separately.

World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

Updated: December 01, 2021, 8:38 PM