Britain's Prime Minister Boris Johnson has been one of the most visible western leaders during the crisis in Ukraine. AFP
Britain's Prime Minister Boris Johnson has been one of the most visible western leaders during the crisis in Ukraine. AFP
Britain's Prime Minister Boris Johnson has been one of the most visible western leaders during the crisis in Ukraine. AFP
Britain's Prime Minister Boris Johnson has been one of the most visible western leaders during the crisis in Ukraine. AFP

Russia sanctions UK Prime Minister Boris Johnson and senior ministers


Tim Stickings
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Russia on Saturday banned entry to UK Prime Minister Boris Johnson and a dozen senior politicians in what it described as a set of personal sanctions in response to Britain's support for Ukraine.

Moscow said it was responding to “unprecedented hostile actions of the British government” including military aid for Ukraine and sanctions intended to choke the Russian economy.

It accused the British leadership of pursuing a “Russophobic course” by pushing its western allies into bringing in “senseless and counterproductive” sanctions, including against individuals in President Vladimir Putin's inner circle.

The ministers under sanction include Foreign Secretary Liz Truss, Defence Secretary Ben Wallace, Chancellor Rishi Sunak and other senior Cabinet members.

Former prime minister Theresa May, a critic of Russia who authorised sanctions after the Salisbury poison incident in 2018, and Scottish First Minister Nicola Sturgeon were also on the sanctions list.

“In the near future, this list will be expanded to include British politicians and parliamentarians who contribute to whipping up anti-Russian hysteria,” a Foreign Ministry statement said.

A UK government spokesman said Britain would "remain resolute" in supporting Ukraine, while Ms Sturgeon said she would not shy away from condemning Mr Putin, whom she called a war criminal.

Other MPs saw the sanctions as a tribute to the UK's response to the war. "Banned by Putin? Wear that badge with pride," said Conservative MP Andrew Murrison.

Ms Truss and Mr Wallace had visited Russia shortly before the invasion as part of the West's efforts to stop an invasion of Ukraine. Mr Johnson did not follow German and French leaders Olaf Scholz and Emmanuel Macron to the Kremlin.

Russia last month imposed sanctions on US President Joe Biden and senior White House aides as well as Canadian Prime Minister Justin Trudeau.

Western countries, in turn, have sanctioned Mr Putin and members of his family as well as some of his most visible allies such as Foreign Minister Sergey Lavrov and Kremlin spokesman Dmitry Peskov.

The latest UK sanctions hit businessmen Eugene Tenenbaum and David Davidovich, described by the British government as having close ties to Chelsea FC owner Roman Abramovich.

Russia separately on Friday announced the expulsion of 18 European Union diplomats from Moscow, in retaliation at the bloc declaring 19 Russian diplomats in Brussels and Vienna unwelcome. The EU said the expulsions were groundless.

Moscow said the personal sanctions against its leadership were chief among its grievances as it accused Britain of an “unbridled information and political campaign” against Russia.

Mr Johnson has been one of the most visible western leaders during the crisis in Ukraine and last week visited President Volodymyr Zelenskyy in Kyiv.

He has made light of the Kremlin's allegations of Russophobia by saying that the first name Boris gives him a kinship with the country.

  • A Ukranian serviceman looks into a crater and a destroyed home are pictured in the village of Yatskivka, eastern Ukraine. AFP
    A Ukranian serviceman looks into a crater and a destroyed home are pictured in the village of Yatskivka, eastern Ukraine. AFP
  • Smoke raises from an oil refinery in Lysychansk about 120km north of Donetsk. AFP
    Smoke raises from an oil refinery in Lysychansk about 120km north of Donetsk. AFP
  • A view of a car destroyed by a military strike, during Russia's invasion in the village of Kukhari, in Kyiv region, Ukraine. Reuters
    A view of a car destroyed by a military strike, during Russia's invasion in the village of Kukhari, in Kyiv region, Ukraine. Reuters
  • A local resident Serhii pets a cat next to a residential house destroyed by a military strike during Russia's invasion in the village of Kukhari, in Kyiv region, Ukraine. Reuters
    A local resident Serhii pets a cat next to a residential house destroyed by a military strike during Russia's invasion in the village of Kukhari, in Kyiv region, Ukraine. Reuters
  • A local resident Serhii stands next to a used multiple rocket launch shell, as Russia?s invasion on Ukraine continues, in the village of Kukhari, in Kyiv region, Ukraine. Reuters
    A local resident Serhii stands next to a used multiple rocket launch shell, as Russia?s invasion on Ukraine continues, in the village of Kukhari, in Kyiv region, Ukraine. Reuters
  • Injured civilians sit in an ambulance before being taken to a hospital after a Russian attack in Kharkiv, Ukraine. AP
    Injured civilians sit in an ambulance before being taken to a hospital after a Russian attack in Kharkiv, Ukraine. AP
  • Ukrainian servicemen walk among debris of damaged buildings after a Russian attack in Kharkiv, Ukraine. AP
    Ukrainian servicemen walk among debris of damaged buildings after a Russian attack in Kharkiv, Ukraine. AP
  • Children sheltering in a subway turned into a makeshift bomb shelter watch performers who came to do a puppet show in Kharkiv, Ukraine. Getty Images
    Children sheltering in a subway turned into a makeshift bomb shelter watch performers who came to do a puppet show in Kharkiv, Ukraine. Getty Images
  • A resident shows deminers the site of an empty rocket that struck the roof of a residential building as they clear the area in Kharkiv, Ukraine. Getty Images
    A resident shows deminers the site of an empty rocket that struck the roof of a residential building as they clear the area in Kharkiv, Ukraine. Getty Images
  • Nadiya Trubchaninova, 70, cries while holding the coffin of her son Vadym, 48, who was killed by Russian soldiers last March 30 in Bucha, during his funeral in the cemetery of Mykulychi, on the outskirts of Kyiv, Ukraine. After nine days since the discovery of Vadym's corpse, finally Nadiya could have a proper funeral for him. This is not where Nadiya Trubchaninova thought she would find herself at 70 years of age, hitchhiking daily from her village to the shattered town of Bucha trying to bring her son's body home for burial. AP
    Nadiya Trubchaninova, 70, cries while holding the coffin of her son Vadym, 48, who was killed by Russian soldiers last March 30 in Bucha, during his funeral in the cemetery of Mykulychi, on the outskirts of Kyiv, Ukraine. After nine days since the discovery of Vadym's corpse, finally Nadiya could have a proper funeral for him. This is not where Nadiya Trubchaninova thought she would find herself at 70 years of age, hitchhiking daily from her village to the shattered town of Bucha trying to bring her son's body home for burial. AP
  • In this image from a video provided by the Ukrainian Presidential Press Office, Ukrainian President Volodymyr Zelenskyy speaks from Kyiv, Ukraine. AP
    In this image from a video provided by the Ukrainian Presidential Press Office, Ukrainian President Volodymyr Zelenskyy speaks from Kyiv, Ukraine. AP
  • Ukrainian Nicolai, 41, says goodbye to his daughter Elina, 4, and his wife Lolita on a train in Lviv, western Ukraine, bound for Poland. AP Photo
    Ukrainian Nicolai, 41, says goodbye to his daughter Elina, 4, and his wife Lolita on a train in Lviv, western Ukraine, bound for Poland. AP Photo
  • A local resident crosses a street damaged during the Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine. Reuters
    A local resident crosses a street damaged during the Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine. Reuters
  • Petro Nazarii, 39, carries luggage into the house of a family temporarily hosting his family in Tijuana, Mexico, as they wait to enter the US. Reuters
    Petro Nazarii, 39, carries luggage into the house of a family temporarily hosting his family in Tijuana, Mexico, as they wait to enter the US. Reuters
  • A local resident of Mariupol walks past the Palace of Culture, which was damaged during the conflict. Reuters
    A local resident of Mariupol walks past the Palace of Culture, which was damaged during the conflict. Reuters
  • The entrance of the Illich Steel and Iron Works in Mariupol. Reuters
    The entrance of the Illich Steel and Iron Works in Mariupol. Reuters
  • The southern port city of Mariupol. Reuters
    The southern port city of Mariupol. Reuters
  • Protesters set off torches during a Pro-Russian protest in Belgrade, Serbia. EPA
    Protesters set off torches during a Pro-Russian protest in Belgrade, Serbia. EPA
  • Local residents sit in a car as they leave the southern port city of Mariupol. Reuters
    Local residents sit in a car as they leave the southern port city of Mariupol. Reuters
  • Local residents walk past a damaged apartment building in Mariupol. Reuters
    Local residents walk past a damaged apartment building in Mariupol. Reuters
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UAE currency: the story behind the money in your pockets
THE BIO

Born: Mukalla, Yemen, 1979

Education: UAE University, Al Ain

Family: Married with two daughters: Asayel, 7, and Sara, 6

Favourite piece of music: Horse Dance by Naseer Shamma

Favourite book: Science and geology

Favourite place to travel to: Washington DC

Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.

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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UAE currency: the story behind the money in your pockets
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Rating: 1/5

Martin Sabbagh profile

Job: CEO JCDecaux Middle East

In the role: Since January 2015

Lives: In the UAE

Background: M&A, investment banking

Studied: Corporate finance

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Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

The biog

First Job: Abu Dhabi Department of Petroleum in 1974  
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work

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UAE currency: the story behind the money in your pockets
Updated: April 16, 2022, 3:29 PM