Russia's President Vladimir Putin has accused Nato of harbouring "imperial ambitions" after the western military alliance moved to admit Finland and Sweden as members.
Nato on Wednesday issued a formal membership invitation to the two Scandinavian countries during its summit in Madrid, where efforts to help Ukraine counter a Russian invasion dominated the agenda.
Nato leaders have channelled billions of dollars in military support to Kyiv since Mr Putin sent Russian troops into Ukraine in late February.
In the Turkmenistan capital of Ashgabat on Wednesday, Mr Putin said Ukraine and its people were a means for Nato to "defend their own interests".
"The Nato countries' leaders wish to ... assert their supremacy, their imperial ambitions," the Russian president said.
However, he said Nato membership for Finland and Sweden was not a problem for Russia.
"We don't have problems with Sweden and Finland like we do with Ukraine. We don't have territorial differences," Mr Putin said.
"There is nothing that could bother us about Sweden and Finland joining Nato. If Finland and Sweden wish to, they can join. That's up to them. They can join whatever they want."
But "if military contingents and military infrastructure were deployed there, we would be obliged to respond symmetrically and raise the same threats for those territories where threats have arisen for us", Mr Putin said.
The two countries abandoned a decades-long policy of neutrality after the invasion of Ukraine, which came after moves by Kyiv to join Nato.
Russia had always said Finland and Sweden joining the alliance would be destabilising for international security.
Russia's attack triggered economic sanctions against Moscow and a wave of support for Ukrainian President Volodymyr Zelenskyy's government, including deliveries of advanced weapons.
"Ukraine can count on us for as long as it takes," Nato chief Jens Stoltenberg said at the Madrid summit, which ends on Thursday.
The alliance announced a new strategic overview that focuses on the threat from Russia and says that Nato "cannot discount the possibility" of an attack on its members.
"Today in Madrid, Nato proved it can take difficult but essential decisions. We welcome a clear-eyed stance on Russia, as well as the accession for Finland and Sweden," Ukraine's Foreign Minister Dmytro Kuleba said.
Washington said it would shift the headquarters of its 5th Army Corps to Poland.
An army brigade will rotate in and out of Romania, two squadrons of F-35 fighters will be based in Britain, US air defence systems will be sent to Germany and Italy, and the fleet of US Navy destroyers in Spain will grow from four to six.
Britain also pledged another $1.2 billion in military aid for Ukraine on Wednesday, including air defence systems and drones.
Putin hits back at Johnson over 'toxic masculinity' comments
Mr Putin on Thursday rejected British Prime Minister Boris Johnson's claim that the Russian leader would not have invaded Ukraine if he were a woman. Mr Johnson called Mr Putin's war a "perfect example of toxic masculinity" and mocked his macho posturing.
At a news conference during a visit to Turkmenistan, Mr Putin pointed to former British leader Margaret Thatcher's decision to send troops into the Falklands as a rebuttal of Mr Johnson's theory.
"I just want to recall the events of recent history, when Margaret Thatcher decided to launch military operations against Argentina for the Falkland Islands," Mr Putin said.
"So, a woman took the decision to launch military action. Therefore it's not an entirely accurate reference from the British prime minister to what is happening today."
The Russian leader went on to criticise Britain's move, 40 years ago, to respond militarily to Argentina's attempt to seize the sparsely populated British-run islands in the South Atlantic.
"Where are the Falkland Islands and where is Britain?" Mr Putin said. "Thatcher's actions were dictated by nothing less than imperial ambitions and [a desire to] confirm their imperial status."
Moscow repeatedly rails against western military interventions in the likes of the former Yugoslavia, Afghanistan and Iraq as examples of western imperialism and hypocrisy.
Missile hits shopping centre in Ukraine
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
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The five pillars of Islam
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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.
'Nightmare Alley'
Director:Guillermo del Toro
Stars:Bradley Cooper, Cate Blanchett, Rooney Mara
Rating: 3/5