The Iranian arms embargo has been in place since 2007. AP
The Iranian arms embargo has been in place since 2007. AP
The Iranian arms embargo has been in place since 2007. AP
The Iranian arms embargo has been in place since 2007. AP

US bid to extend Iran arms embargo fails at UN Security Council


Thomas Harding
  • English
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The UN Security Council has rejected a US attempt to extend the 13-year arms embargo on Iran, US Secretary of State Mike Pompeo said on Friday.

Russia and China opposed extending the weapons ban, which is due to expire in October under a 2015 nuclear deal between Iran and world powers which intended to curb Tehran's nuclear ambitions in exchange for sanctions relief.

Eleven members abstained, including France, Germany and Britain, while Washington and the Dominican Republic were the only yes votes.

Mr Pompeo lambasted what he called the Security Council's "failure to act decisively" as "inexcusable".

The vote, he said, "paved the way for the world’s leading state sponsor of terrorism to buy and sell conventional weapons without specific UN restrictions in place for the first time in over a decade".

"The United States will never abandon our friends in the region who expected more from the Security Council," he said, adding that the US would "continue to work to ensure that the theocratic terror regime does not have the freedom to purchase and sell weapons that threaten the heart of Europe, the Middle East and beyond".

US Secretary of State Mike Pompeo slammed the Security Council's failure to extend the embargo. EPA
US Secretary of State Mike Pompeo slammed the Security Council's failure to extend the embargo. EPA

China's UN Ambassador Zhang Jun said in a statement after the vote that the result "once again shows that unilateralism receives no support and bullying will fail".

The United States could now follow through on a threat to trigger a return of all UN sanctions on Iran using a provision in the nuclear deal, known as snapback, even though President Donald Trump abandoned the accord in 2018. Diplomats have said the United States could do this as early as next week, but would face a tough, messy battle.

"In the coming days, the United States will follow through on that promise to stop at nothing to extend the arms embargo," US Ambassador to the United Nations Kelly Craft said in a statement.

Diplomats have said such a move would put the fragile nuclear deal further at risk because Iran would lose a major incentive for limiting its nuclear activities. Iran already has breached parts of the nuclear deal in response to the US withdrawal from the pact and unilateral sanctions.

Iran's UN Ambassador Majid Takht Ravanchi warned the United States against trying to trigger a return of sanctions.

"Imposition of any sanctions or restrictions on Iran by the Security Council will be met severely by Iran and our options are not limited. And the United States and any entity which may assist it or acquiesce in its illegal behaviour will bear the full responsibility," he said in a statement.

The US on Tuesday had cut its draft resolution to only four paragraphs  to gain more support for the embargo extension. It said it was "essential to the maintenance of international peace and security".

Outgoing US Special Representative Brian Hook had expressed concerns about the arms embargo expiring back in October.

Brian Hook, US Special Representative for Iran, expressed concern about the lifting of a UN arms embargo and other sanctions on Iran in October. Reuters
Brian Hook, US Special Representative for Iran, expressed concern about the lifting of a UN arms embargo and other sanctions on Iran in October. Reuters

The GCC had backed America in its attempt and called on the UN to extend an international arms embargo on Iran, a move pushed strongly by the US.

The secretariat of the GCC said in a letter to the UN Security Council that Iran's continued interference in neighbouring countries made an extension necessary.

Iran “has continued to proliferate weapons across the region as an integral part of its expansionist regional policy and longstanding interference in the internal affairs of Arab states, including GCC member states, in clear violation of the UN Charter,” the GCC said.

Russia's Putin proposes summit to avoid 'escalation'

Russian President Vladimir Putin on Friday proposed a video summit with the United States and the remaining parties to the nuclear deal - Britain, France, China, Germany and Iran - to try to avoid further "confrontation and escalation" over Iran at the UN.

"The issue is urgent," Mr Putin said in a statement, adding that the alternative was "only further escalation of tensions, increasing risk of conflict - such a scenario must be avoided".

Asked if he would take part, President Trump told reporters, "I hear there's something, but I haven't been told of it yet".

French President Emmanuel Macron is open to taking part in a video summit, the Elysee palace said.

The United States has argued that it can trigger a sanctions snapback because a UN Security Council resolution enshrining the nuclear deal named Washington as a participant. But the remaining parties to the deal are opposed to the move.

Mr Putin said Russia, an ally of Iran in the Syrian civil war, remained fully committed to the nuclear deal and that the aim of a summit would be to outline steps aimed at avoiding "confrontation and escalation of the situation in the Security Council".

Mr Trump has said he wants to negotiate a new deal with Iran that would prevent it from developing nuclear weapons and also curb its activities in the region and elsewhere.

The US President, who has walked away from a series of international agreements, has dubbed the 2015 nuclear deal - reached under his predecessor Barack Obama - "the worst deal ever".

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

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SERIES INFO

Afghanistan v Zimbabwe, Abu Dhabi Sunshine Series

All matches at the Zayed Cricket Stadium, Abu Dhabi

Test series

1st Test: Zimbabwe beat Afghanistan by 10 wickets
2nd Test: Wednesday, 10 March – Sunday, 14 March

Play starts at 9.30am

T20 series

1st T20I: Wednesday, 17 March
2nd T20I: Friday, 19 March
3rd T20I: Saturday, 20 March

TV
Supporters in the UAE can watch the matches on the Rabbithole channel on YouTube

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.”

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

Sunday's Super Four matches

Dubai, 3.30pm
India v Pakistan

Abu Dhabi, 3.30pm
Bangladesh v Afghanistan

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Pakistan T20 series squad

Sarfraz Ahmed (captain), Fakhar Zaman, Ahmed Shahzad, Babar Azam, Shoaib Malik, Mohammed Hafeez, Imad Wasim, Shadab Khan, Mohammed Nawaz, Faheem Ashraf, Hasan Ali, Amir Yamin, Mohammed Amir (subject to fitness clearance), Rumman Raees, Usman Shinwari, Umar Amin

UAE currency: the story behind the money in your pockets
The specs
Engine: 3.6 V6

Transmission: 8-speed auto

Power: 295bhp

Torque: 353Nm

Price: Dh155,000

On sale: now 

Kamindu Mendis bio

Full name: Pasqual Handi Kamindu Dilanka Mendis

Born: September 30, 1998

Age: 20 years and 26 days

Nationality: Sri Lankan

Major teams Sri Lanka's Under 19 team

Batting style: Left-hander

Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)

the pledge

I pledge to uphold the duty of tolerance

I pledge to take a first stand against hate and injustice

I pledge to respect and accept people whose abilities, beliefs and culture are different from my own

I pledge to wish for others what I wish for myself

I pledge to live in harmony with my community

I pledge to always be open to dialogue and forgiveness

I pledge to do my part to create peace for all

I pledge to exercise benevolence and choose kindness in all my dealings with my community

I pledge to always stand up for these values: Zayed's values for tolerance and human fraternity

Squad

Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas) 

BRIEF SCORES

England 353 and 313-8 dec
(B Stokes 112, A Cook 88; M Morkel 3-70, K Rabada 3-85)  
(J Bairstow 63, T Westley 59, J Root 50; K Maharaj 3-50)
South Africa 175 and 252
(T Bavuma 52; T Roland-Jones 5-57, J Anderson 3-25)
(D Elgar 136; M Ali 4-45, T Roland-Jones 3-72)

Result: England won by 239 runs
England lead four-match series 2-1

The biog

Name: Salvador Toriano Jr

Age: 59

From: Laguna, The Philippines

Favourite dish: Seabass or Fish and Chips

Hobbies: When he’s not in the restaurant, he still likes to cook, along with walking and meeting up with friends.

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The story of Edge

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.

It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.

Edge has an annual revenue of $5 billion and employs more than 12,000 people.

Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab