Putin tells Macron the West has not addressed Russia's security concerns


Jamie Prentis
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Nato and US responses to Russia’s security demands failed to take into account Moscow’s fundamental concerns, Russian President Vladimir Putin has told his French counterpart Emmanuel Macron.

He added that the Kremlin would continue to work towards a resolution of the current tension over Ukraine.

Russia is opposed to a further expansion of Nato and the deployment of strike weapons systems near Russian territory — things the responses did not properly address, the Kremlin said.

Mr Putin said the responses had also failed to explain how security in Europe could be guaranteed without hurting defence concerns of other countries.

Nonetheless, in their phone call on Friday, Mr Putin told Mr Macron that Russia would study western responses carefully.

According to a French official, the Russian leader said "very clearly that he did not want confrontation".

"President Putin expressed no offensive plans and said he wanted to continue the talks with France and our allies," the aide said.

During the call, which lasted more than an hour, the two leaders agreed on the need for "de-escalation".

The conversation was described by the French side as "serious and respectful", which highlighted "fundamental differences" but also a "joint desire" to keep talking.

Nonetheless, Reuters reported that Russia's military build-up near Ukraine has expanded to include supplies of blood along with other medical materials that would allow it to treat casualties, in yet another indicator of Moscow's military readiness.

Current and former US officials say concrete indicators — like blood supplies — are critical in determining whether Moscow would be prepared to carry out an invasion, if Mr Putin decided to do so.

Moscow has made a series of security demands amid tension over a build-up of about 100,000 Russian troops on its border with Ukraine. Among those are a ban on Kiev ever joining Nato, which has been rejected by the military alliance.

Russia denies it is planning an invasion of Ukraine, but its actions have led to western powers upping their military readiness in Eastern Europe while threatening Moscow with heavy sanctions.

Mr Macron had announced earlier this week he would hold the call with Mr Putin in the spirit of a “demanding dialogue” aimed at clarifying Moscow's intentions in regard to Ukraine.

High-level talks between Russia and the West have failed to make headway so far.

But on Friday, Russian Foreign Minister Sergey Lavrov insisted his country didn’t want war.

Mr Lavrov said the West was ignoring Russia's interests but there was “something” in the written responses submitted by the US and Nato on Wednesday that addressed Russia's proposals.

While the responses have not been made public, both have stated they are willing to engage with Moscow on arms control and confidence-building measures.

Mr Lavrov said he expected to meet US Secretary of State Antony Blinken again in the next couple of weeks.

German intelligence chief Bruno Kahl also said on Friday that Moscow had not yet made the decision on whether to attack 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.”

Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

RESULTS

5pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner: Yas Xmnsor, Sean Kirrane (jockey), Khalifa Al Neyadi (trainer)

5.30pm: Falaj Hazza – Handicap (PA) Dh70,000 (D) 1,600m
Winner: Arim W’Rsan, Dane O’Neill, Jaci Wickham

6pm: Al Basrah – Maiden (PA) Dh70,000 (D) 1,800m
Winner: Kalifano De Ghazal, Abdul Aziz Al Balushi, Helal Al Alawi

6.30pm: Oud Al Touba – Handicap (PA) Dh70,000 (D) 1,800m
Winner: Pharitz Oubai, Sean Kirrane, Ibrahim Al Hadhrami

7pm: Sieh bin Amaar – Conditions (PA) Dh80,000 (D) 1,800m
Winner: Oxord, Richard Mullen, Abdalla Al Hammadi

7.30pm: Jebel Hafeet – Conditions (PA) Dh85,000 (D) 2,000m
Winner: AF Ramz, Sean Kirrane, Khalifa Al Neyadi

8pm: Al Saad – Handicap (TB) Dh70,000 (D) 2,000m
Winner: Sea Skimmer, Gabriele Malune, Kareem Ramadan

RESULT

Manchester United 2 Burnley 2
Man United:
 Lingard (53', 90' 1)
Burnley: Barnes (3'), Defour (36')

Man of the Match: Jesse Lingard (Manchester United)

Updated: January 28, 2022, 6:24 PM