Europe relies on Russia for crude oil and natural gas but has become more open to the idea of a ban on Russian products. AFP
Europe relies on Russia for crude oil and natural gas but has become more open to the idea of a ban on Russian products. AFP
Europe relies on Russia for crude oil and natural gas but has become more open to the idea of a ban on Russian products. AFP
Europe relies on Russia for crude oil and natural gas but has become more open to the idea of a ban on Russian products. AFP

Europe steps back from US effort to ban Russian oil and gas


Jamie Prentis
  • English
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Live updates: follow the latest news on Russia-Ukraine

European countries distanced themselves from a US effort that may result in a ban on Russian oil imports, as leaders from Moscow and Kiev prepared to meet in Belarus for a third round of ceasefire talks.

Western countries are in agreement that they must move away from their dependence on Russian gas. There are disagreements over how quickly that should happen and if the Russian oil and gas industry should be sanctioned following Moscow’s invasion of Ukraine.

“Europe has deliberately exempted energy supplies from Russia from sanctions,” German Chancellor Olaf Scholz said on Monday.

“Supplying Europe with energy for heat, mobility, electricity supply and industry cannot be secured in any other way at the moment. It is therefore of essential importance for the provision of public services and the daily lives of our citizens.”

Europe relies on Russia for crude oil and natural gas but has become more open to the idea of a ban on Russian products.

UK Prime Minister Boris Johnson, speaking alongside Canadian Prime Minister Justin Trudeau and Dutch counterpart Mark Rutte, said “we have to be mindful” that some countries held “different dependencies”.

“You can’t simply close down use of oil and gas overnight, even from Russia. That’s obviously not something every country around the world can do,” he said, adding that the UK could quickly shift away from Russian gas.

“What we need to do is make sure we are all moving in the same direction, and we all share the same assumptions and we accelerate that move, and I think that is what you are going to see. You’ve heard that from leaders around the world,” Mr Johnson said.

“But clearly there is going to be a transitional period. We are going to have to look for supply, we are going to have to look for substitute supplies from elsewhere, and we are going to have to do it together across the entire coalition of countries that is now condemning Putin’s actions.”

  • Cars are left abandoned on a road as residents flee the town of Irpin, Ukraine after days of heavy shelling. Reuters
    Cars are left abandoned on a road as residents flee the town of Irpin, Ukraine after days of heavy shelling. Reuters
  • A Ukrainian soldier helps a family fleeing from Irpin. Reuters
    A Ukrainian soldier helps a family fleeing from Irpin. Reuters
  • A bus passes the Duke of Wellington statue, which has a traffic cone in the colours of the flag of Ukraine placed on top of it, in Glasgow, Scotland. AP
    A bus passes the Duke of Wellington statue, which has a traffic cone in the colours of the flag of Ukraine placed on top of it, in Glasgow, Scotland. AP
  • Ukrainian children sleep at the reception point at the train station in Przemysl, Poland. Reuters
    Ukrainian children sleep at the reception point at the train station in Przemysl, Poland. Reuters
  • Smoke rises as a Ukrainian soldier stands by the only escape route used by locals to flee from the town of Irpin. Reuters
    Smoke rises as a Ukrainian soldier stands by the only escape route used by locals to flee from the town of Irpin. Reuters
  • A man flees from Irpin. Reuters
    A man flees from Irpin. Reuters
  • A screengrab from footage released by the Russian Defence Ministry shows a purported Russian tank unit advancement in the Kyiv region. AFP
    A screengrab from footage released by the Russian Defence Ministry shows a purported Russian tank unit advancement in the Kyiv region. AFP
  • People walk on debris of residential buildings damaged by shelling in the Zhytomyr region. Reuters
    People walk on debris of residential buildings damaged by shelling in the Zhytomyr region. Reuters
  • A damaged residential building after Russian multiple rocket launchers shelled the area in the southern city of Mykolaiv. AFP
    A damaged residential building after Russian multiple rocket launchers shelled the area in the southern city of Mykolaiv. AFP
  • Ukrainian soldiers sit in their armoured vehicle after fighting against Russian troops and Russia-backed separatists near Zolote village, Luhansk region. AFP
    Ukrainian soldiers sit in their armoured vehicle after fighting against Russian troops and Russia-backed separatists near Zolote village, Luhansk region. AFP
  • A woman offers accommodation for people fleeing Ukraine at the main railway station in Berlin, Germany. Getty Images
    A woman offers accommodation for people fleeing Ukraine at the main railway station in Berlin, Germany. Getty Images
  • A soldier holds a helmet as a wedding crown during the ceremony for members of the Ukrainian Territorial Defence Forces Lesia Ivashchenko and Valerii Fylymonov, at a checkpoint in Kyiv. AP
    A soldier holds a helmet as a wedding crown during the ceremony for members of the Ukrainian Territorial Defence Forces Lesia Ivashchenko and Valerii Fylymonov, at a checkpoint in Kyiv. AP
  • Ukrainian soldiers carry a woman fleeing the town of Irpin. AP
    Ukrainian soldiers carry a woman fleeing the town of Irpin. AP
  • A factory and warehouse burn after being bombarded in Irpin. AP
    A factory and warehouse burn after being bombarded in Irpin. AP
  • Ukrainian soldiers near Zolote. AFP
    Ukrainian soldiers near Zolote. AFP
  • A Ukrainian refugee boy, wearing a blanket on his shoulders, warms his hands with a gas heater shortly after crossing the Siret border into northern Romania. EPA
    A Ukrainian refugee boy, wearing a blanket on his shoulders, warms his hands with a gas heater shortly after crossing the Siret border into northern Romania. EPA
  • People demonstrate against the Russian military operation in Ukraine in Buenos Aires, Argentina. EPA
    People demonstrate against the Russian military operation in Ukraine in Buenos Aires, Argentina. EPA
  • First responders work at the scene after a missile hit a building at Havryshivka Vinnytsia International Airport in Vinnytsia, Ukraine. Reuters
    First responders work at the scene after a missile hit a building at Havryshivka Vinnytsia International Airport in Vinnytsia, Ukraine. Reuters
  • A woman at a checkpoint on the road to Kyiv after her evacuation from a nearby town. AFP
    A woman at a checkpoint on the road to Kyiv after her evacuation from a nearby town. AFP
  • A placard in the Ukrainian colours is held up at an anti-war demonstration the Bebelplatz square in Berlin, Germany. Reuters
    A placard in the Ukrainian colours is held up at an anti-war demonstration the Bebelplatz square in Berlin, Germany. Reuters
  • A Ukrainian serviceman helps an elderly woman in Irpin, 20 kilometres north-west of the capital Kyiv. AP Photo
    A Ukrainian serviceman helps an elderly woman in Irpin, 20 kilometres north-west of the capital Kyiv. AP Photo
  • Protesters cry during a demonstration in support of Ukraine at the Plaza Catalunya square in Barcelona. AFP
    Protesters cry during a demonstration in support of Ukraine at the Plaza Catalunya square in Barcelona. AFP
  • A man walks past a machine gun at a checkpoint next to the last bridge on the road that connects the town of Stoyanka to the outskirts of Ukraine's capital Kyiv. AFP
    A man walks past a machine gun at a checkpoint next to the last bridge on the road that connects the town of Stoyanka to the outskirts of Ukraine's capital Kyiv. AFP
  • Ukrainian servicemen put a wounded man on a stretcher in Irpin. AP Photo
    Ukrainian servicemen put a wounded man on a stretcher in Irpin. AP Photo
  • People board a train to return to Ukraine after getting supplies in Zahony, Hungary. AP Photo
    People board a train to return to Ukraine after getting supplies in Zahony, Hungary. AP Photo
  • Balloons in the colors of Ukraine during a demonstration against the Russian attack on Ukraine, in Mainz, Germany. AP
    Balloons in the colors of Ukraine during a demonstration against the Russian attack on Ukraine, in Mainz, Germany. AP
  • A Ukrainian girl helps to weave a camouflage net for the Ukrainian army, in Odesa. EPA
    A Ukrainian girl helps to weave a camouflage net for the Ukrainian army, in Odesa. EPA
  • Molotov cocktails prepared by a group of volunteers in Odesa. Hundreds are made every day. EPA
    Molotov cocktails prepared by a group of volunteers in Odesa. Hundreds are made every day. EPA
  • Ukrainian servicemen assist people fleeing the town of Irpin after crossing the Irpin River on an improvised path under a bridge that was destroyed by a Russian air strike. AP Photo
    Ukrainian servicemen assist people fleeing the town of Irpin after crossing the Irpin River on an improvised path under a bridge that was destroyed by a Russian air strike. AP Photo
  • A woman holds a dog while crossing the Irpin River on an improvised path under a bridge that was destroyed by a Russian airstrike, while assisting people fleeing the town of Irpin, Ukraine. AP Photo
    A woman holds a dog while crossing the Irpin River on an improvised path under a bridge that was destroyed by a Russian airstrike, while assisting people fleeing the town of Irpin, Ukraine. AP Photo
  • Marina Yatsko and her boyfriend Fedor comfort each other at a hospital in Mariupol after her 18-month-old son Kirill was killed by shelling. AP Photo
    Marina Yatsko and her boyfriend Fedor comfort each other at a hospital in Mariupol after her 18-month-old son Kirill was killed by shelling. AP Photo
  • Ukrainian civilians receive weapons training in a cinema in Lviv, western Ukraine. AP Photo
    Ukrainian civilians receive weapons training in a cinema in Lviv, western Ukraine. AP Photo
  • Residents flee the town of Irpin, near Kyiv, Ukraine. AP Photo
    Residents flee the town of Irpin, near Kyiv, Ukraine. AP Photo
  • Ukrainian soldiers carry a sick woman as civilians flee Irpin, on the outskirts of Kyiv, after Russian attacks. AP Photo
    Ukrainian soldiers carry a sick woman as civilians flee Irpin, on the outskirts of Kyiv, after Russian attacks. AP Photo
  • Captured Russian soldiers at a press conference in the Interfax news agency in Kyiv, Ukraine. AP Photo
    Captured Russian soldiers at a press conference in the Interfax news agency in Kyiv, Ukraine. AP Photo
  • Ukrainians beneath a destroyed bridge in Irpin. AP Photo
    Ukrainians beneath a destroyed bridge in Irpin. AP Photo
  • A woman fleeing Ukraine on a bus near the border crossing in Korczowa, Poland. AP Photo
    A woman fleeing Ukraine on a bus near the border crossing in Korczowa, Poland. AP Photo
  • A Ukrainian soldier and a militia man help a fleeing family on the outskirts of Kyiv, Ukraine, on March 5, 2022. AP Photo
    A Ukrainian soldier and a militia man help a fleeing family on the outskirts of Kyiv, Ukraine, on March 5, 2022. AP Photo
  • Smoke rises after shelling by Russian forces in Mariupol. AP Photo
    Smoke rises after shelling by Russian forces in Mariupol. AP Photo
  • People at a hospital during shelling by Russian forces in Mariupol. AP Photo
    People at a hospital during shelling by Russian forces in Mariupol. AP Photo
  • Displaced Ukrainians at the Resurrection New Athos Monastery in the western Ukrainian city of Lviv. AFP
    Displaced Ukrainians at the Resurrection New Athos Monastery in the western Ukrainian city of Lviv. AFP

Mr Rutte conceded that it was a “painful reality” that many countries were “still very much dependent on” Russian gas and oil.

The price of oil surged on Monday to its highest for 14 years after Washington revealed that it is in talks with European allies over a ban on Russian imports.

Gas prices soared by more than 70 per cent to hit an all-time high as fears over supplies from Russia continued to rock the market.

Prices are now more than 20 times higher what they were two years ago, increasing on Monday from records set last week.

The EU relied on Russia for about 46 per cent of its gas and around a quarter of its oil in the first part of last year.

“We have to dramatically reduce our dependency on gas and oil from Russia. That will take time,” Mr Rutte said.

Forcing companies to stop doing business with Russia now would have “enormous consequences”, he said.

“It would basically undermine supply chains the world over, particularly in Europe. It would also have an impact on Ukraine itself.”

US President Joe Biden was scheduled to hold a video conference call with the leaders of France, Germany and the UK on Monday as his administration sought their support for an imports ban.

During a visit to Latvia, US Secretary of State Antony Blinken called Russian attacks on humanitarian corridors "shameful", but he again ruled out a Nato-imposed no fly zone over Ukraine.

“There continue to be reports of attacks by Russian forces on agreed upon humanitarian corridors," he said. "We’ve seen scenes like this before in Europe. Now Russia is starving out cities like Mariupol. It’s shameful."

French President Emmanuel Macron on Monday accused his Russian counterpart Vladimir Putin of hypocrisy and cynicism after Moscow said it would open humanitarian corridors to civilians from several Ukrainian cities to leave, but only to Russia or Belarus.

"All this is not serious, it is moral and political cynicism, which I find intolerable," he said.

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

Henrik Stenson's finishes at Abu Dhabi HSBC Championship:

2006 - 2
2007 - 8
2008 - 2
2009 - MC
2010 - 21
2011 - 42
2012 - MC
2013 - 23
2014 - MC
2015 - MC
2016 - 3
2017 - 8

MATCH INFO

Uefa Champions League semi-finals, first leg
Liverpool v Roma

When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome

Teaching your child to save

Pre-school (three - five years)

You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.

Early childhood (six - eight years)

Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.

Middle childhood (nine - 11 years)

Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.

Young teens (12 - 14 years)

Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.

Teenage (15 - 18 years)

Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.

Young adulthood (19 - 22 years)

Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.

* JP Morgan Private Bank 

Business Insights
  • Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
  • The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
  • US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
MISSION: IMPOSSIBLE – FINAL RECKONING

Director: Christopher McQuarrie

Starring: Tom Cruise, Hayley Atwell, Simon Pegg

Rating: 4/5

UAE SQUAD

UAE team
1. Chris Jones-Griffiths 2. Gio Fourie 3. Craig Nutt 4. Daniel Perry 5. Isaac Porter 6. Matt Mills 7. Hamish Anderson 8. Jaen Botes 9. Barry Dwyer 10. Luke Stevenson (captain) 11. Sean Carey 12. Andrew Powell 13. Saki Naisau 14. Thinus Steyn 15. Matt Richards

Replacements
16. Lukas Waddington 17. Murray Reason 18. Ahmed Moosa 19. Stephen Ferguson 20. Sean Stevens 21. Ed Armitage 22. Kini Natuna 23. Majid Al Balooshi

Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

Winners

Best Men's Player of the Year: Kylian Mbappe (PSG)

Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)

TikTok Fans’ Player of the Year: Robert Lewandowski

Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)

Best Women's Player of the Year: Alexia Putellas (Barcelona)

Best Men's Club of the Year: Chelsea

Best Women's Club of the Year: Barcelona

Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)

Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)

Best Coach of the Year: Roberto Mancini (Italy)

Best National Team of the Year: Italy 

Best Agent of the Year: Federico Pastorello

Best Sporting Director of the Year: Txiki Begiristain (Manchester City)

Player Career Award: Ronaldinho

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

Review: Tomb Raider
Dir: Roar Uthaug
Starring: Alicia Vikander, Dominic West, Daniel Wu, Walter Goggins
​​​​​​​two stars

All the Money in the World

Director: Ridley Scott

Starring: Charlie Plummer, Mark Wahlberg, Michelle Williams, Christopher Plummer

Four stars

Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

Updated: March 07, 2022, 6:30 PM