Ukrainian refugees and Moldovan citizens protest against the war in Ukraine outside the Russian embassy in Chisinau, Moldova. EPA
Ukrainian refugees and Moldovan citizens protest against the war in Ukraine outside the Russian embassy in Chisinau, Moldova. EPA
Ukrainian refugees and Moldovan citizens protest against the war in Ukraine outside the Russian embassy in Chisinau, Moldova. EPA
Ukrainian refugees and Moldovan citizens protest against the war in Ukraine outside the Russian embassy in Chisinau, Moldova. EPA

Britain says Russia is recruiting fighters from disputed Transnistria


Tim Stickings
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Russia’s depleted armed forces are turning to a disputed region of Moldova to recruit troops as they plan a renewed offensive in eastern Ukraine, western governments believe.

The Kremlin is also said to be turning to retired personnel as Russia’s losses mount after more than six weeks of war - with Ukraine claiming on Monday that 19,500 invading troops had been killed and 725 tanks destroyed.

After failing to capture Kyiv, Russia has repositioned forces to the south and east of Ukraine in what the government in Kyiv and its allies fear is a prelude to a new onslaught on the Donbas region.

"We have to assume that the brutality of the war in Ukraine will increase," said Austria's Foreign Minister Alexander Schallenberg, who said Russian President Vladimir Putin appeared to be "throwing his entire military might into the east".

To the west, French police officers arrived in Ukraine on Monday to investigate the alleged atrocities uncovered when Russia abandoned towns it had occupied near Kyiv.

The European Union's 27 foreign ministers meanwhile held talks with the top prosecutor of the International Criminal Court as they prepare possible war crimes charges against the Russian leadership.

In the village of Buzova outside Kyiv, local officials said bodies showing “evidence of execution” had been discovered following the Russian withdrawal.

Buzova is near Bucha, another town where atrocities were discovered and where satellite images undermined Russia's claims that the massacre was staged. Ukraine's prosecutor general Iryna Venediktova says 1,222 bodies have been discovered in areas from which the Russian army retreated.

Britain's defence ministry said in a regular intelligence update that Russia's reliance on unguided bombs increased the risk to civilians and that Moscow's forces could use phosphorous munitions in their battle for the port city of Mariupol.

White phosphorus is used for illumination at night or to create a smokescreen, but when it is deployed as a weapon it causes horrific burns.

The ministry separately said that Russia was trying to recruit from the unrecognised Transnistria region of Moldova, which borders of Ukraine, and that personnel discharged from military service since 2012 were also being used to bolster troop numbers.

It said Ukraine has beaten back several assaults by Kremlin forces in the Donetsk and Luhansk regions, resulting in the destruction of Russian tanks, vehicles and artillery.

Western powers also believe Russia has turned to the Wagner mercenary group, a private army widely believed to be close to the Kremlin, to supplement its forces in eastern Ukraine.

Russian troops have long been stationed in Transnistria, whose status has been unresolved since a war in the early 1990s that followed the collapse of the Soviet Union.

The majority Russian-speaking area is outside the control of the Moldovan authorities and Ukrainian President Volodymyr Zelenskyy has compared the Kremlin’s intervention there with its support for separatists in eastern Ukraine.

Oleksandr Shputun, a spokesman for Ukraine’s military, expressed concern on Monday that Russian troops could stage “provocative actions” in Transnistria.

A false-flag operation such as this could be used “to accuse Ukraine of aggression against a neighbouring state”, he said.

Britain also blamed Russia for encouraging unrest in Bosnia and Herzegovina as it announced sanctions against two politicians there for advocating the break-up of the country, the first such measures affecting the Balkan country.

The UK's Foreign Office said Milorad Dodik and Zeljka Cvijanovic had been "emboldened by Russia’s undermining of the international rules-based system" to push for the secession of the Russia-friendly Republika Srpska.

"Encouraged by Putin, their reckless behaviour threatens stability and security across the Western Balkans," said Foreign Secretary Liz Truss.

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Sharjah Wanderers 20 Dubai Tigers 25 (After extra-time)

Wanderers
Tries: Gormley, Penalty
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Pens: Flaherty 2

Tigers
Tries: O’Donnell, Gibbons, Kelly
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Pens: Caldwell, Cross

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.”

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Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi

Directors: Tarzan and Arab Nasser

Rating: 4.5/5

Fixtures and results:

Wed, Aug 29:

  • Malaysia bt Hong Kong by 3 wickets
  • Oman bt Nepal by 7 wickets
  • UAE bt Singapore by 215 runs

Thu, Aug 30: 

  • UAE bt Nepal by 78 runs
  • Hong Kong bt Singapore by 5 wickets
  • Oman bt Malaysia by 2 wickets

Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal

Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore

Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong

Thu, Sep 6: Final

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Directors: Anthony Russo, Joe Russo

Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin

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Updated: April 11, 2022, 12:06 PM