Wagons loaded with coal at the Zlobino railway station in Russia's Siberian city of Krasnoyarsk. Reuters
Wagons loaded with coal at the Zlobino railway station in Russia's Siberian city of Krasnoyarsk. Reuters
Wagons loaded with coal at the Zlobino railway station in Russia's Siberian city of Krasnoyarsk. Reuters
Wagons loaded with coal at the Zlobino railway station in Russia's Siberian city of Krasnoyarsk. Reuters

EU approves new Russia sanctions that include coal embargo


Soraya Ebrahimi
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Live updates: follow the latest news on Russia-Ukraine

EU countries on Thursday approved new sanctions against Russia, including a bloc-wide embargo on coal imports, after evidence of torture and killings of civilians emerging from war zones outside the Ukraine capital, Kyiv.

The ban on coal imports against Russia’s lucrative energy industry is estimated to be worth €4 billion ($4.4bn) a year, said the EU presidency, held by France.

In the meantime, the bloc has started working on more sanctions, including on oil imports.

“The package is very substantial and extends sanctions against Russia to new sectors” and more oligarchs, the presidency said, mentioning officials linked to propaganda, military security and high technology.

The deal was given final approval in a meeting of EU ambassadors and will be enacted when published in the bloc's official journal, probably on Friday.

So far, banning natural gas has remained out of reach, but not because of lack of support from the European Parliament.

The legislature approved a resolution with a vote of 513-22 — with 19 abstentions — demanding “an immediate full embargo on Russian imports of oil, coal, nuclear fuel and gas".

But the move carried little more than moral weight, because is up to the member states to unanimously impose such bans.

  • Nato foreign ministers meet in Brussels to discuss the latest in the continuing Russia-Ukraine war. AFP
    Nato foreign ministers meet in Brussels to discuss the latest in the continuing Russia-Ukraine war. AFP
  • People take part in a protest against the transport of cargo to Russia and Belarus near the Polish-Belarusian border crossing in Koroszczyn, eastern Poland. EPA
    People take part in a protest against the transport of cargo to Russia and Belarus near the Polish-Belarusian border crossing in Koroszczyn, eastern Poland. EPA
  • A Ukrainian naval vessel, thought to be the ‘Donbas’ and a nearby building burn in the besieged city of Mariupol. AP
    A Ukrainian naval vessel, thought to be the ‘Donbas’ and a nearby building burn in the besieged city of Mariupol. AP
  • Bucha resident Tetiana Ustymenko weeps over the grave of her son, buried in the garden of her house, in Bucha, north-west of Kyiv. AFP
    Bucha resident Tetiana Ustymenko weeps over the grave of her son, buried in the garden of her house, in Bucha, north-west of Kyiv. AFP
  • People charge their mobile phones in a public building in Bucha. AFP
    People charge their mobile phones in a public building in Bucha. AFP
  • People from Mariupol leave a train to be taken to temporary residences in Nizhny Novgorod, Russia. AP
    People from Mariupol leave a train to be taken to temporary residences in Nizhny Novgorod, Russia. AP
  • Vladyslava Liubarets, a Bucha resident, cries as she hugs her sister whom she had not seen since the beginning of the Russian invasion, in Bucha, the town which was retaken by the Ukrainian army. EPA
    Vladyslava Liubarets, a Bucha resident, cries as she hugs her sister whom she had not seen since the beginning of the Russian invasion, in Bucha, the town which was retaken by the Ukrainian army. EPA
  • Local citizen Oleksandr, 55, looks at the grave of his neighbour in the backyard of his private house in Hostomel in Kyiv. EPA
    Local citizen Oleksandr, 55, looks at the grave of his neighbour in the backyard of his private house in Hostomel in Kyiv. EPA
  • Debris of a rocket missile on the field near Kyiv. EPA
    Debris of a rocket missile on the field near Kyiv. EPA
  • The mother of Ukrainian soldier Lubomyr Hudzeliak, who was killed during Russia's invasion of Ukraine, mourns during his funeral in the western Ukrainian city of Lviv. AFP
    The mother of Ukrainian soldier Lubomyr Hudzeliak, who was killed during Russia's invasion of Ukraine, mourns during his funeral in the western Ukrainian city of Lviv. AFP
  • A woman takes care of a baby at a shelter in the Ukrainian city of Severodonetsk in Donbas region. AFP
    A woman takes care of a baby at a shelter in the Ukrainian city of Severodonetsk in Donbas region. AFP
  • Residents gather outside a shelter in the city of Severodonetsk. AFP
    Residents gather outside a shelter in the city of Severodonetsk. AFP
  • Residents in eastern Ukraine, including the city of Severodonetsk in Donbas region, have been asked by their government to leave 'now' or 'risk death'. AFP
    Residents in eastern Ukraine, including the city of Severodonetsk in Donbas region, have been asked by their government to leave 'now' or 'risk death'. AFP
  • A young girl with her dog arrives at a centre for the displaced in Zaporizhzhia, north-west of Mariupol. AFP
    A young girl with her dog arrives at a centre for the displaced in Zaporizhzhia, north-west of Mariupol. AFP
  • A damaged ambulance in Hostomel, on the outskirts of Kyiv. Reuters
    A damaged ambulance in Hostomel, on the outskirts of Kyiv. Reuters
  • A bomb crater left behind by Russia's attack on the Ukrainian village of Demydiv, on the outskirts of Kyiv. Reuters
    A bomb crater left behind by Russia's attack on the Ukrainian village of Demydiv, on the outskirts of Kyiv. Reuters
  • Russian attacks have reduced Hotel Ukraine in Chernihiv to debris. Reuters
    Russian attacks have reduced Hotel Ukraine in Chernihiv to debris. Reuters
  • Oleksii Shcherbo, 98, near his burnt house in the village of Sloboda, on the outskirts of Chernihiv. Reuters
    Oleksii Shcherbo, 98, near his burnt house in the village of Sloboda, on the outskirts of Chernihiv. Reuters
  • Residents walk past destroyed Russian military machinery on the street, in Bucha, the town which was retaken by the Ukrainian army, north-west of Kyiv. EPA
    Residents walk past destroyed Russian military machinery on the street, in Bucha, the town which was retaken by the Ukrainian army, north-west of Kyiv. EPA
  • Damaged National flags flutter in the wind on a cemetry of Chernihiv city which was blocked by Russian troops for a long time. EPA
    Damaged National flags flutter in the wind on a cemetry of Chernihiv city which was blocked by Russian troops for a long time. EPA
  • Demonstrators lie down on the ground in tribute to the people killed in Russia's war against Ukraine, in Berlin, Germany. AP
    Demonstrators lie down on the ground in tribute to the people killed in Russia's war against Ukraine, in Berlin, Germany. AP
  • A Ukrainian firefighter works at the site of a burning fuel storage facility ignited by an air strike, in Dnipropetrovsk. Reuters
    A Ukrainian firefighter works at the site of a burning fuel storage facility ignited by an air strike, in Dnipropetrovsk. Reuters
  • A woman before and after she was removed by rescuers from debris after a military strike on the town of Rubizhne, Luhansk. Reuters
    A woman before and after she was removed by rescuers from debris after a military strike on the town of Rubizhne, Luhansk. Reuters
  • People wait for help to evacuate Derhachi. Reuters
    People wait for help to evacuate Derhachi. Reuters
  • Pope Francis, in Vatican, holds a Ukrainian flag given to him by a delegation from the town of Bucha, where dozens of bodies had been found. EPA
    Pope Francis, in Vatican, holds a Ukrainian flag given to him by a delegation from the town of Bucha, where dozens of bodies had been found. EPA
  • State emergency servicemen clear shells near Chernigiv, northern Ukraine. AFP
    State emergency servicemen clear shells near Chernigiv, northern Ukraine. AFP
  • US war veteran Steven Straub shows his tattoo of the Ukrainian flag while on patrol near Buda-Babynetska, north of Kyiv, days after Russian forces retreated from the area. AFP
    US war veteran Steven Straub shows his tattoo of the Ukrainian flag while on patrol near Buda-Babynetska, north of Kyiv, days after Russian forces retreated from the area. AFP
  • Candles are arranged in the shape of Ukraine by the monument to the poet Taras Shevchenko in the western city Lviv. AFP
    Candles are arranged in the shape of Ukraine by the monument to the poet Taras Shevchenko in the western city Lviv. AFP
  • A teddy bear hangs from a tree branch outside an apartment building in Borodyanka, Kyiv oblast. AP
    A teddy bear hangs from a tree branch outside an apartment building in Borodyanka, Kyiv oblast. AP
  • A woman carries her cat as she walks past buildings that were destroyed by Russian shelling, in Borodyanka. Reuters
    A woman carries her cat as she walks past buildings that were destroyed by Russian shelling, in Borodyanka. Reuters
  • Dmitriy Evtushkov, 25, points to his picture in a primary school album retrieved from the rubble of a block of flats. AP
    Dmitriy Evtushkov, 25, points to his picture in a primary school album retrieved from the rubble of a block of flats. AP
  • Technicians try to fix the internet in Bucha. AP
    Technicians try to fix the internet in Bucha. AP
  • A smashed mobile phone lies next to a Russian army ration book in Bucha. AP
    A smashed mobile phone lies next to a Russian army ration book in Bucha. AP
  • A woman and children after their arrival at a centre for displaced persons in Zaporizhzhia, about 200 kilometres north-west of Mariupol. AFP
    A woman and children after their arrival at a centre for displaced persons in Zaporizhzhia, about 200 kilometres north-west of Mariupol. AFP
  • A man leaves a damaged pharmacy after a bombing that killed several civilians, in Mykolaiv. AP
    A man leaves a damaged pharmacy after a bombing that killed several civilians, in Mykolaiv. AP
  • Ukrainian soldiers sing a patriotic song with buildings in the background that were destroyed during fighting in Borodyanka. AP
    Ukrainian soldiers sing a patriotic song with buildings in the background that were destroyed during fighting in Borodyanka. AP
  • Borodyanka residents carry humanitarian aid packages. Reuters
    Borodyanka residents carry humanitarian aid packages. Reuters
  • Elderly Ukrainians shelter in a basement in Kharkiv, in eastern Ukraine. EPA
    Elderly Ukrainians shelter in a basement in Kharkiv, in eastern Ukraine. EPA
  • Destroyed apartment buildings in Borodyanka. Reuters
    Destroyed apartment buildings in Borodyanka. Reuters
  • Relatives and friends are overwhelmed with emotions as they stand next to the coffin of Anatoly German during his funeral. AP
    Relatives and friends are overwhelmed with emotions as they stand next to the coffin of Anatoly German during his funeral. AP

And energy is key in Europe’s trade relations with Russia. EU foreign affairs chief Josep Borrell has said that the 27-nation bloc is paying €1bn a day for energy provisions, accounting for more than €35bn since the war started.

Late on Thursday, EU Commission President Ursula von der Leyen said that, if not gas, oil would be on the list soon.

“The next step we are looking intensively at the moment is oil, so to prepare to be able to phase out oil,” Ms von der Leyen said.

On Wednesday, the US announced sanctions against Russian President Vladimir Putin’s two adult daughters and said it was toughening penalties against Russian banks in retaliation for “war crimes” in Ukraine.

The moves against Sberbank and Alfa Bank prohibit assets from touching the US financial system and bar Americans from doing business with those institutions.

The EU sanctions also included the freezing of assets of several Russian banks, an extension of an arms export ban covering contracts before 2014, and other export bans totalling about €10bn.

The nations also approved a further €5.5bn ban on imports and a ban on port access for Russian vessels.

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The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet

Understand What Black Is

The Last Poets

(Studio Rockers)

Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

The Saudi Cup race card

1 The Jockey Club Local Handicap (TB) 1,800m (Dirt) $500,000

2 The Riyadh Dirt Sprint (TB) 1,200m (D) $1.500,000

3 The 1351 Turf Sprint 1,351m (Turf) $1,000,000

4 The Saudi Derby (TB) 1600m (D) $800,000

5 The Neom Turf Cup (TB) 2,100m (T) $1,000,000

6 The Obaiya Arabian Classic (PB) 2,000m (D) $1,900,000

7 The Red Sea Turf Handicap (TB) 3,000m (T) $2,500,000

8 The Saudi Cup (TB) 1,800m (D) $20,000,000

COMPANY%20PROFILE%20
%3Cp%3EName%3A%20DarDoc%3Cbr%3EBased%3A%20Abu%20Dhabi%3Cbr%3EFounders%3A%20Samer%20Masri%2C%20Keswin%20Suresh%3Cbr%3ESector%3A%20HealthTech%3Cbr%3ETotal%20funding%3A%20%24800%2C000%3Cbr%3EInvestors%3A%20Flat6Labs%2C%20angel%20investors%20%2B%20Incubated%20by%20Hub71%2C%20Abu%20Dhabi's%20Department%20of%20Health%3Cbr%3ENumber%20of%20employees%3A%2010%3C%2Fp%3E%0A
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A

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.”

The schedule

December 5 - 23: Shooting competition, Al Dhafra Shooting Club

December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq

December 11 - 20: Dates competition, from 4pm

December 12 - 20: Sour milk competition

December 13: Falcon beauty competition

December 14 and 20: Saluki races

December 15: Arabian horse races, from 4pm

December 16 - 19: Falconry competition

December 18: Camel milk competition, from 7.30 - 9.30 am

December 20 and 21: Sheep beauty competition, from 10am

December 22: The best herd of 30 camels

Updated: April 08, 2022, 1:54 AM