A damaged grain terminal of a port on the Danube River in the Odesa region, southern Ukraine. EPA
A damaged grain terminal of a port on the Danube River in the Odesa region, southern Ukraine. EPA
A damaged grain terminal of a port on the Danube River in the Odesa region, southern Ukraine. EPA
A damaged grain terminal of a port on the Danube River in the Odesa region, southern Ukraine. EPA

Russia to push alternative grain deal to Turkey


Simon Rushton
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Russia will set out an alternative to the Black Sea grain deal, which was struck to keep food supplies moving to some of the world’s most vulnerable people, when Turkey’s Foreign Minister visits Moscow on Thursday.

Under the plan, Moscow would send a million tonnes of grain to Turkey at a discounted price, with financial support from Qatar. The grain would be processed in Turkey and sent to countries most in need, the Russian Foreign Ministry said on Wednesday.

“We consider this project as the optimal working alternative to the Black Sea deal,” it said.

Turkey, a Nato member that has friendly relations with Russia, helped negotiate the UN-backed deal to ship grain from Ukrainian ports across the Black Sea to avert a global food shortage – the only major agreement signed since the outbreak of the war.

Russian Foreign Minister Sergey Lavrov and his Turkish counterpart Hakan Fidan will discuss the proposal by Moscow on Thursday and Friday. The Kremlin said on Wednesday that Turkish President Recep Tayyip Erdogan would also visit Russia soon.

The Russian statement added that Mr Lavrov would restate Moscow's position that following the collapse of the grain deal, it would consider all ships heading to Ukraine as potentially carrying military cargo.

Ukraine and Russia are both major exporters of grain, and the deal initially helped to bring down global food prices and provide relief to poor countries.

Moscow withdrew from the agreement last month, citing the UN's non-compliance with provisions aimed at easing Russia's exports of agricultural products and fertiliser.

Ukrainian ports have since come under attack, with Russia warning it considers any ships in the Black Sea as potential military targets. Kyiv has also attacked Russian targets around the Black Sea.

  • Aftermath of a Russian missile strike on the Chernihiv Regional Academic Ukrainian Music and Drama Theatre on Saturday morning. All photos: Getty Images
    Aftermath of a Russian missile strike on the Chernihiv Regional Academic Ukrainian Music and Drama Theatre on Saturday morning. All photos: Getty Images
  • Seven people, including a six-year-old girl, were killed and at least 144 injured in the attack on the theatre, which was hosting a gathering of drone manufacturers.
    Seven people, including a six-year-old girl, were killed and at least 144 injured in the attack on the theatre, which was hosting a gathering of drone manufacturers.
  • The theatre building was badly damaged in the missile strike, along with several structures near it.
    The theatre building was badly damaged in the missile strike, along with several structures near it.
  • The UN has said it was "extremely disturbed" by the "heinous" attack. Among those injured were people who had been attending church for an Orthodox Christian holiday.
    The UN has said it was "extremely disturbed" by the "heinous" attack. Among those injured were people who had been attending church for an Orthodox Christian holiday.
  • Residents of Chernihiv clean up debris after the Russian missile attack in the city centre. Ukrainian President Volodymyr Zelenskyy has promised a 'notable response' to the strike.
    Residents of Chernihiv clean up debris after the Russian missile attack in the city centre. Ukrainian President Volodymyr Zelenskyy has promised a 'notable response' to the strike.
  • Ukrainian women cry as they survey the damage caused by a Russian missile strike on the northern city of Chernihiv, about 50km from the border with Belarus.
    Ukrainian women cry as they survey the damage caused by a Russian missile strike on the northern city of Chernihiv, about 50km from the border with Belarus.
  • A Ukrainian woman surveys the damage outside her home after a Russian missile strike that killed seven people in Chernihiv.
    A Ukrainian woman surveys the damage outside her home after a Russian missile strike that killed seven people in Chernihiv.
  • Debris litters the ground of a square in Chernihiv after a Russian missile strike damaged a theatre and several surrounding buildings in the city on Saturday.
    Debris litters the ground of a square in Chernihiv after a Russian missile strike damaged a theatre and several surrounding buildings in the city on Saturday.

Turkey played a key role in mediating between Moscow and Kyiv to secure the grain deal.

Although Turkey is a member of Nato, which opposes Russia's invasion and whose members have provided arms and support to Ukraine, Mr Erdogan has used his country's good relations with both sides to take on the mediator role.

The Bloomberg Billionaire Index in full

1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion

The specs: 2018 Nissan Patrol Nismo

Price: base / as tested: Dh382,000

Engine: 5.6-litre V8

Gearbox: Seven-speed automatic

Power: 428hp @ 5,800rpm

Torque: 560Nm @ 3,600rpm

Fuel economy, combined: 12.7L / 100km

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
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The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

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Roll of honour: Who won what in 2018/19?

West Asia Premiership: Winners – Bahrain; Runners-up – Dubai Exiles

UAE Premiership: Winners – Abu Dhabi Harlequins; Runners-up  Jebel Ali Dragons

Dubai Rugby Sevens: Winners – Dubai Hurricanes; Runners-up – Abu Dhabi Harlequins

UAE Conference: Winners  Dubai Tigers; Runners-up  Al Ain Amblers

Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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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.

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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.

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Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

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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

If you go

The flights

There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.

The trip

Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.

The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.

 

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Updated: August 30, 2023, 5:00 PM