US and western leaders assembled in Brussels for back-to-back summits to formulate a response to Russia's invasion of Ukraine on Thursday with further arms shipments to Kyiv and new sanctions measures at the top of the agenda.
Once the handshakes and photographs with visiting US President Joe Biden are out of the way, the leaders of Nato, the G7 and the European Union will get down to grappling with the multifaceted fallout of Russia’s war in Ukraine.
The US says a new sanctions package will be unveiled this week and will include measures to close loopholes in existing embargoes.
Nato Secretary General Jens Stoltenberg said he expected the Brussels summit to produce major increases in troop deployments on the alliance’s eastern flank.
The Nato meeting will begin on Thursday morning exactly one month on from the start of an invasion that has driven 3.6 million people out of Ukraine, prompted unprecedented sanctions on Russia and led to a fundamental rethink of Europe’s energy and defence policies.
G7 leaders will then break off for talks before Mr Biden makes a guest appearance at a European Council summit stretching into Friday. Mr Biden is expected to announce sanctions on 300 members of the Russian State Duma, matching measures imposed by the EU a month ago.
Although diplomats have spoken of a surge of western unity in the face of Russia’s aggression, many of the issues arising from the war have the potential to cause political headaches as leaders decide how to proceed.
As well as Mr Biden working on long-term efforts to boost defences in Eastern Europe, where countries especially fear Russian aggression, the president is also aiming to reduce the continent’s reliance on Russian energy.
“This war will not end easily or rapidly,” Jake Sullivan, the US National Security Adviser, cautioned in a briefing before the four-day Europe trip.
The diplomatic preparations came as Ukrainian authorities reported a fightback on the ground against Russian forces near the capital Kyiv. Mayor Vitali Klitschko said Ukraine's military had wrested back control of areas to the north-west and north-east of the city as well as the western town of Makariv. He said 264 civilians had died in Kyiv since the war began, including four children. Pentagon spokesman John Kirby said the US had “seen indications that the Ukrainians are going a bit more on the offensive now” and are trying to regain territory around the Russian occupied-city of Kherson.
Kremlin spokesman Dmitry Peskov meanwhile maintained Moscow's insistence that what it calls a special military operation was going to plan.
Sanctions
The many faces of western power will assemble in Brussels on Thursday for a two-day diplomatic push aimed at showing solidarity with Ukraine, shoring up Europe’s defences and tightening the economic squeeze on Russia.
Mr Biden can expect to discuss those sanctions with European leaders as well as with Canada and Japan in the G7. Japanese Prime Minister Fumio Kishida said on Wednesday that Tokyo planned to strengthen its own measures.
The sanctions imposed so far have weakened Russia’s financial sector, cut off much of its economy from the world market and punished prominent individuals in the Kremlin's inner circle.
But some European countries want to go further by terminating fossil fuel imports from Russia, as the US has already done, and thereby cutting off one of Moscow's most lucrative sources of funding for the war.
Not all EU members are on board, however, and the energy-rich US says it understands that some import-reliant European partners will not be able to go this far.
Other proposals on the table include blocking land and sea trade from Russia, widening its ban from payments system Swift and barring its diplomats from the UN’s Human Rights Council.
Refugees
The daily flow of refugees from Ukraine into Poland and other neighbouring countries is beginning to strain Europe’s capacity despite repeated statements of goodwill.
Although many Ukrainians would like to return home as soon as possible, there is no knowing when the country will be safe and the task of integrating the women and children who make up the bulk of the refugees is considerable.
The issue goes beyond the EU because Poland has been lobbying the US and other allies for humanitarian assistance, after its border guards allowed more than two million people fleeing Ukraine into the country.
It will have another opportunity to make its case when Mr Biden visits Warsaw on Friday, where the White House said he would meet humanitarian experts.
Germany, France and Poland have been discussing ways to share out refugees — typically a thorny subject in the EU — with German Foreign Minister Annalena Baerbock notably looking to distribute them in Europe “and beyond”.
Nato is not immune from this issue either, with the UK’s former national security adviser Mark Sedwill urging countries to show a willingness to help to underscore their commitment to the Article 5 security guarantee.
Energy
Beyond the question of an immediate energy embargo lies the longer-term debate over how to reduce Europe’s reliance on Russian fossil fuel imports.
EU leaders will consider making collective gas purchases from outside Russia, a proposal described by a senior official as similar to the bloc’s joint acquisition of coronavirus vaccines.
Another suggestion is to mandate a minimum level of gas storage going into the winter to reduce the risks of power cuts if Russia turns off the tap.
President Vladimir Putin added another complication by saying on Wednesday that Russia would only accept payments in roubles for gas deliveries to “unfriendly countries”.
Leaders will have to navigate these issues at a time when energy prices are already high and there is disagreement in Europe over whether nuclear power is part of the solution.
The G7 also touched on the energy issue in its last statement on Russia, when it called for constructive engagement among major producers to ensure stability in global markets.
Military
Leaders are likely to discuss “red lines” that could draw Nato out of its current defensive stance, with opinion divided between those who say they have already been crossed and others who fear a direct confrontation with Russia.
“In almost 80 years of postwar history we have successfully avoided the unthinkable — a direct military confrontation between our western defence alliance, Nato, and Russia,” said German Chancellor Olaf Scholz. “It must stay that way.”
Allies have issues to work out on how to equip Ukraine, with proposals from Poland and Slovakia to supply planes and missile systems both running into difficulty when the US gave a lukewarm response.
On top of those short-term considerations, Mr Stoltenberg has spoken of a need to rethink Nato’s posture towards Russia more generally amid what diplomats have described as a more hostile climate to the east.
One aspect of this is cyber defence. Mr Meagher said 21 American energy companies involved with LNG production had been targeted by hackers.
At the EU talks, meanwhile, leaders are expected to endorse a strategic blueprint agreed by foreign and defence ministers on Monday which envisages a more security-conscious bloc with a 5,000-troop rapid response force.
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Sholto Byrnes on Myanmar politics
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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Small Victories: The True Story of Faith No More by Adrian Harte
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Tamkeen's offering
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Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
TUESDAY'S ORDER OF PLAY
Centre Court
Starting at 2pm:
Elina Svitolina (UKR) [3] v Jennifer Brady (USA)
Anastasia Pavlyuchenkova (RUS) v Belinda Bencic (SUI [4]
Not before 7pm:
Sofia Kenin (USA) [5] v Elena Rybakina (KAZ)
Maria Sakkari (GRE) v Aryna Sabalenka (BLR) [7]
Court One
Starting at midday:
Karolina Muchova (CZE) v Katerina Siniakova (CZE)
Kristina Mladenovic (FRA) v Aliaksandra Sasnovich (BLR)
Veronika Kudermetova (RUS) v Dayana Yastermska (UKR)
Petra Martic (CRO) [8] v Su-Wei Hsieh (TPE)
Sorana Cirstea (ROU) v Anett Kontaveit (EST)
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
The specs: 2017 Lotus Evora Sport 410
Price, base / as tested Dh395,000 / Dh420,000
Engine 3.5L V6
Transmission Six-speed manual
Power 410hp @ 7,000rpm
Torque 420Nm @ 3,500rpm
Fuel economy, combined 9.7L / 100km
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Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
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
The Uefa Awards winners
Uefa Men's Player of the Year: Virgil van Dijk (Liverpool)
Uefa Women's Player of the Year: Lucy Bronze (Lyon)
Best players of the 2018/19 Uefa Champions League
Goalkeeper: Alisson (Liverpool)
Defender: Virgil van Dijk (Liverpool)
Midfielder: Frenkie de Jong (Ajax)
Forward: Lionel Messi (Barcelona)
Uefa President's Award: Eric Cantona
UAE currency: the story behind the money in your pockets
The biog
Hobbies: Salsa dancing “It's in my blood” and listening to music in different languages
Favourite place to travel to: “Thailand, as it's gorgeous, food is delicious, their massages are to die for!”
Favourite food: “I'm a vegetarian, so I can't get enough of salad.”
Favourite film: “I love watching documentaries, and am fascinated by nature, animals, human anatomy. I love watching to learn!”
Best spot in the UAE: “I fell in love with Fujairah and anywhere outside the big cities, where I can get some peace and get a break from the busy lifestyle”
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching