Sanctions against Vladimir Putin, right, and Sergey Lavrov are being discussed by EU foreign ministers. AFP
Sanctions against Vladimir Putin, right, and Sergey Lavrov are being discussed by EU foreign ministers. AFP
Sanctions against Vladimir Putin, right, and Sergey Lavrov are being discussed by EU foreign ministers. AFP
Sanctions against Vladimir Putin, right, and Sergey Lavrov are being discussed by EU foreign ministers. AFP

EU and US draw up sanctions against Russia's Putin and Lavrov


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The EU and the US on Friday said they are preparing to impose sanctions on Russian President Vladimir Putin in a personal hit that would deepen the West's retaliation for Russia’s military action in Ukraine.

Russia's long-serving Foreign Minister Sergey Lavrov will also be affected under plans that were being finalised by the US and the EU's 27 foreign ministers on Friday.

The measures are aimed at isolating Russia's ruling elite.

“In alignment with the decision by our European allies, the United States will join them in sanctioning President Putin and Foreign Minister Lavrov and members of the Russian national security team,” White House Sress secretary Jen Psaki said.

European diplomats said an agreement was close on freezing the assets of Mr Putin and Mr Lavrov, but that the two men would not be subject to travel bans, so a revival of peace talks remains possible.

Ms Psaki, however, said the two men would be subject to US travel bans.

The announcements came on the second day of Russia's incursion into Ukraine during which fighting on the outskirts of Kiev continued as top Ukrainian officials lobbied intensively for tougher sanctions.

Speaking at a Nato meeting, Secretary General Jens Stoltenberg said Russia had “shattered peace on the European continent".

Sanctioning Mr Putin personally would go further than earlier measures taken his close allies in the political, business and media worlds and against the financing of the Russian war effort.

“To show how serious we are, we're taking a step that has never been taken in this form before,” said Austrian Foreign Minister Alexander Schallenberg, citing Mr Putin's status as leader of a nuclear power and permanent UN Security Council member.

“Russia has chosen a path of war and violence and has thereby isolated itself internationally,” he said. “We will react by isolating Putin and his system from the world economy.”

His German counterpart Annalena Baerbock said Mr Putin and Mr Lavrov “are responsible for the fact that innocent people are dying in Ukraine”. The UN reported civilian casualties, and Ukraine raised the alarm over high radiation levels at the Russian-held Chernobyl exclusion zone.

The sanctions were announced following frantic discussions in Brussels, after overnight talks between the 27 EU heads of government failed to reach consensus on sanctioning Mr Putin.

  • No 10 Downing Street in London is lit blue and yellow in solidarity with Ukraine after the Russian invasion. EPA
    No 10 Downing Street in London is lit blue and yellow in solidarity with Ukraine after the Russian invasion. EPA
  • A protest banner outside Brandenburg Gate in Berlin, which is also lit up in the colours of the Ukrainian flag. Reuters
    A protest banner outside Brandenburg Gate in Berlin, which is also lit up in the colours of the Ukrainian flag. Reuters
  • People show solidarity with the people of Ukraine outside the Colosseum in Rome. AP Photo
    People show solidarity with the people of Ukraine outside the Colosseum in Rome. AP Photo
  • The Cinquantenaire Arch lit up on the sidelines of a special meeting of the European Council to discuss the Ukrainian crisis, in Brussels. Bloomberg
    The Cinquantenaire Arch lit up on the sidelines of a special meeting of the European Council to discuss the Ukrainian crisis, in Brussels. Bloomberg
  • Oslo City Hall is illuminated in Norway. Reuters
    Oslo City Hall is illuminated in Norway. Reuters
  • The SIS Building in central London, home to intelligence services, is lit up in an expression of solidarity with Ukraine. PA
    The SIS Building in central London, home to intelligence services, is lit up in an expression of solidarity with Ukraine. PA
  • Erasmus Bridge in Rotterdam, the Netherlands. EPA
    Erasmus Bridge in Rotterdam, the Netherlands. EPA
  • The Foreign Office in central London displays the colours of the Ukrainian flag. PA
    The Foreign Office in central London displays the colours of the Ukrainian flag. PA
  • Sarajevo City Hall floodlit in blue and yellow in Bosnia. AFP
    Sarajevo City Hall floodlit in blue and yellow in Bosnia. AFP
  • The Queen Elizabeth II Centre in central London. PA
    The Queen Elizabeth II Centre in central London. PA
  • St George's Hall in Liverpool, England. PA
    St George's Hall in Liverpool, England. PA

Other western allies have hinted at similar moves against the Russian president. UK Prime Minister Boris Johnson said he was open to sanctioning the president and his family.

The Kremlin has previously said any such sanctions would be “politically destructive” and would not damage Mr Putin. Little is known about his personal wealth or what assets he might have abroad.

In a phone call with Canadian Prime Minister Justin Trudeau, Mr Johnson said allies should take “immediate action” on cutting Russia out of global payments system Swift, a prospect that European diplomats said was not off the table but which was played down by Germany and France.

The package of EU sanctions is the second to be approve in the space of three days after a first round hit Putin allies such as Foreign Ministry spokeswoman Maria Zakharova and the editor-in-chief of TV channel Russia Today.

Ukrainian President Volodymr Zelenskyy urged European leaders to levy tougher sanctions on Moscow.

Ms Baerbock said the planned measures targeting the financial and energy sectors would “ruin Russia”, but that banning Russia from Swift might stop ordinary Russians from sending money to relatives while elites find other ways to transfer funds.

Discussions on this point have been going on for weeks as diplomats prepared a package they hoped would deter Russia from attacking Ukraine at all. The US and UK have signalled support for taking action on Swift but acknowledge there is little they can do unilaterally.

Leaders including the presidents of France and the Czech Republic admitted that Mr Putin had caught them out by launching his assault on Thursday.

Nato was seeking to reassure allies on its eastern flank that it would guarantee their security. The alliance is not intervening in Ukraine because it is not a member state.

At a gathering of Eastern European countries who once lived under the shadow of Russian domination, Polish President Andrzej Duda said the whole of European security order was at stake.

“The countries of our region should understand these words better than anyone else,” he said. “We must not stop at just condemning in a passive way this brutal attack. We have to start acting in a concrete way.”

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

Cricket World Cup League Two

Oman, UAE, Namibia

Al Amerat, Muscat

 

Results

Oman beat UAE by five wickets

UAE beat Namibia by eight runs

 

Fixtures

Wednesday January 8 –Oman v Namibia

Thursday January 9 – Oman v UAE

Saturday January 11 – UAE v Namibia

Sunday January 12 – Oman v Namibia

THE%20HOLDOVERS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAlexander%20Payne%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Paul%20Giamatti%2C%20Da'Vine%20Joy%20Randolph%2C%20Dominic%20Sessa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204.5%2F5%3C%2Fp%3E%0A
The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Pathaan
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THREE POSSIBLE REPLACEMENTS

Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.

Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.

Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHakbah%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENaif%20AbuSaida%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ESaudi%20Arabia%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E22%20%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24200%2C000%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-Series%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EGlobal%20Ventures%20and%20Aditum%20Investment%20Management%0D%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
HIJRA

Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy

Director: Shahad Ameen

Rating: 3/5

Pad Man

Dir: R Balki

Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte

Three-and-a-half stars

I Care A Lot

Directed by: J Blakeson

Starring: Rosamund Pike, Peter Dinklage

3/5 stars

if you go
The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Bob Honey Who Just Do Stuff
By Sean Penn
Simon & Schuster

Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.

  • It’s So Easy
  • Mr Brownstone
  • Chinese Democracy
  • Welcome to the Jungle
  • Double Talkin’ Jive
  • Better
  • Estranged
  • Live and Let Die (Wings cover)
  • Slither (Velvet Revolver cover)
  • Rocket Queen
  • You Could Be Mine
  • Shadow of Your Love
  • Attitude (Misfits cover)
  • Civil War
  • Coma
  • Love Theme from The Godfather (movie cover)
  • Sweet Child O’ Mine
  • Wichita Lineman (Jimmy Webb cover)
  • Wish You Were Here (instrumental Pink Floyd cover)
  • November Rain
  • Black Hole Sun (Soundgarden cover)
  • Knockin’ on Heaven’s Door (Bob Dylan cover)
  • Nightrain

Encore:

  • Patience
  • Don’t Cry
  • The Seeker (The Who cover)
  • Paradise City
Updated: February 25, 2022, 11:41 PM