UK Prime Minister Boris Johnson said the threat of sanctions may deter Russian action. Photo: AP
UK Prime Minister Boris Johnson said the threat of sanctions may deter Russian action. Photo: AP
UK Prime Minister Boris Johnson said the threat of sanctions may deter Russian action. Photo: AP
UK Prime Minister Boris Johnson said the threat of sanctions may deter Russian action. Photo: AP

World

UK

Boris Johnson: invasion of Ukraine would send shock waves around world

UK PM urges western unity in face of potential military action by Russia

Jamie Prentis
Jamie Prentis

February 19, 2022

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Live updates: follow the latest news on Russia-Ukraine

An invasion of Ukraine by Russia would send shock waves around the world, UK Prime Minister Boris Johnson said, as he warned that the threat of sanctions and other measures may not be enough to deter a Russian attack.

While the intentions of Russian President Vladimir Putin were not fully clear, Mr Johnson told the Munich Security Conference that “the omens are grim”.

He said the UK still hoped diplomacy and dialogue could succeed, despite the presence of tens of thousands of Russian troops on the Ukranian border.

“If Ukraine is invaded, the shock will echo around the world. And those echoes will be heard in East Asia, they will be heard in Taiwan,” Mr Johnson said.

“When I spoke to the prime ministers of Japan and Australia this week, they left me in no doubt that the economic and political shocks will be felt on the far side of the world.”

He called for western unity in the face of the threats, adding that sanctions in response to Russian military action against Ukraine would make it “impossible” for Moscow to access the City of London's capital markets.

“We must accept that these measures by the UK and our allies – draconian sanctions, rinsing out dirty money, the intensification of Nato's defences, fortifying our Ukrainian friends – they may not be enough to deter Russian aggression, and it is therefore vital that we learn the lessons of 2014,” Mr Johnson said, referring to the conflict between Russia and Ukraine eight years ago.

The UK has long been accused of turning a blind eye to lucrative flows of Russian-sourced money through London, although the government has sought to crack down on that.

  • Russian President Vladimir Putin signs documents recognising two breakaway regions in eastern Ukraine as independent. AFP
    Russian President Vladimir Putin signs documents recognising two breakaway regions in eastern Ukraine as independent. AFP
  • A Ukrainian soldier walks past fragments of a mortar shell amid fighting near the front line in Travneve, Donetsk region. Reuters
    A Ukrainian soldier walks past fragments of a mortar shell amid fighting near the front line in Travneve, Donetsk region. Reuters
  • People wave Russian flags while celebrating Moscow's recognition of the self-proclaimed republic's independence, in Donetsk. AP
    People wave Russian flags while celebrating Moscow's recognition of the self-proclaimed republic's independence, in Donetsk. AP
  • Protesters gather at the Ukrainian Foreign Ministry in Kiev, calling on the EU to impose additional sanctions against Russia. Getty Images
    Protesters gather at the Ukrainian Foreign Ministry in Kiev, calling on the EU to impose additional sanctions against Russia. Getty Images
  • Members of the security forces walk in an underpass at a railway station in Kiev. Getty Images
    Members of the security forces walk in an underpass at a railway station in Kiev. Getty Images
  • A Ukrainian soldier on the front line near the village of Travneve, in Donetsk. Reuters
    A Ukrainian soldier on the front line near the village of Travneve, in Donetsk. Reuters
  • Alisa, 38, a media relations specialist, takes part in a combat skills training for civilians near Kiev. Reuters
    Alisa, 38, a media relations specialist, takes part in a combat skills training for civilians near Kiev. Reuters
  • Alisa poses with a gun at her home near Kiev. Reuters
    Alisa poses with a gun at her home near Kiev. Reuters
  • A young girl takes part in a rally in defence of 'Ukraine, Europe and democratic values', organised by the Association of Ukrainians in Portugal, outside the Russian Consulate in Porto, Portugal. EPA
    A young girl takes part in a rally in defence of 'Ukraine, Europe and democratic values', organised by the Association of Ukrainians in Portugal, outside the Russian Consulate in Porto, Portugal. EPA
  • A Ukrainian soldier takes time out to play with dogs on the front line near the city of Novoluhanske, in Donetsk. Reuters
    A Ukrainian soldier takes time out to play with dogs on the front line near the city of Novoluhanske, in Donetsk. Reuters
  • People gather under the Ukrainian flag for a Day of Solidarity with Ukraine at the Lincoln Memorial in Washington, DC. AFP
    People gather under the Ukrainian flag for a Day of Solidarity with Ukraine at the Lincoln Memorial in Washington, DC. AFP
  • Residents of the self-proclaimed Donetsk People's Republic cross from Ukraine into Russia, after it was announced that women and children would be led to the Rostov region due to rising tension in the area. EPA
    Residents of the self-proclaimed Donetsk People's Republic cross from Ukraine into Russia, after it was announced that women and children would be led to the Rostov region due to rising tension in the area. EPA
  • After the evacuation of separatist-controlled regions of eastern Ukraine, people complete documents in a temporary accommodation centre in Rostov, Russia. Reuters
    After the evacuation of separatist-controlled regions of eastern Ukraine, people complete documents in a temporary accommodation centre in Rostov, Russia. Reuters
  • War veterans and volunteers train civilians in handling weapons on one of Kiev's city beaches. AFP
    War veterans and volunteers train civilians in handling weapons on one of Kiev's city beaches. AFP
  • Russian and Belarusian helicopters taking part in a joint military exercise of the allied countries’ armed forces. EPA
    Russian and Belarusian helicopters taking part in a joint military exercise of the allied countries’ armed forces. EPA
  • Ukrainian National Guard soldiers at a mobile checkpoint together with the Ukrainian Security Service agents and police officers during a joint operation in Kharkiv, Ukraine. AP
    Ukrainian National Guard soldiers at a mobile checkpoint together with the Ukrainian Security Service agents and police officers during a joint operation in Kharkiv, Ukraine. AP
  • US President Joe Biden delivers a national update on the situation at the Russia-Ukraine border at the White House in Washington, DC. AFP
    US President Joe Biden delivers a national update on the situation at the Russia-Ukraine border at the White House in Washington, DC. AFP
  • A Polish soldier uses his phone, as US Defence Secretary Lloyd Austin and Polish Defence Minister Mariusz Blaszczak visit the Air Base in Powidz, Poland. Reuters
    A Polish soldier uses his phone, as US Defence Secretary Lloyd Austin and Polish Defence Minister Mariusz Blaszczak visit the Air Base in Powidz, Poland. Reuters
  • Mr Austin, left, addresses US troops stationed at the Powidz Air Base in Poland. AP Photo
    Mr Austin, left, addresses US troops stationed at the Powidz Air Base in Poland. AP Photo
  • A woman walks to board a bus, arranged to evacuate local residents, in the rebel-controlled city of Donetsk, Ukraine. Reuters
    A woman walks to board a bus, arranged to evacuate local residents, in the rebel-controlled city of Donetsk, Ukraine. Reuters
  • A satellite image shows an overview of helicopter deployments near Lake Donuzlav in Crimea, Ukraine. Reuters
    A satellite image shows an overview of helicopter deployments near Lake Donuzlav in Crimea, Ukraine. Reuters
  • A Ukrainian Military Forces serviceman looks through a spyglass on the front line with Russia-backed separatists not far from Novolugansk in the Donetsk region. AFP
    A Ukrainian Military Forces serviceman looks through a spyglass on the front line with Russia-backed separatists not far from Novolugansk in the Donetsk region. AFP
  • A serviceman keeps position on the front line. AFP
    A serviceman keeps position on the front line. AFP
  • A Ukrainian frontier guard patrols along the border with Russia, some 40km from the city of Kharkiv. AFP
    A Ukrainian frontier guard patrols along the border with Russia, some 40km from the city of Kharkiv. AFP
  • US President Joe Biden speaks to the media about Russia's buildup on the Ukrainian border as he leaves the White House in Washington. EPA
    US President Joe Biden speaks to the media about Russia's buildup on the Ukrainian border as he leaves the White House in Washington. EPA
  • A Ukrainian frontier guard stands at a check point. AFP
    A Ukrainian frontier guard stands at a check point. AFP
  • Russian Foreign Minister Sergey Lavrov and his Italian counterpart Luigi Di Maio enter a hall during a meeting in Moscow. Reuters
    Russian Foreign Minister Sergey Lavrov and his Italian counterpart Luigi Di Maio enter a hall during a meeting in Moscow. Reuters
  • US Secretary of State Antony Blinken addresses the United Nations Security Council. AP Photo
    US Secretary of State Antony Blinken addresses the United Nations Security Council. AP Photo
  • An elderly lady walks by as members of the Joint Centre for Control and Co-ordination survey damage to a house from artillery shell that landed in Vrubivka, eastern Ukraine. AP Photo
    An elderly lady walks by as members of the Joint Centre for Control and Co-ordination survey damage to a house from artillery shell that landed in Vrubivka, eastern Ukraine. AP Photo
  • French President Emmanuel Macron arrives for an extraordinary meeting of EU leaders to discuss Ukraine at the European Council building in Brussels. AP Photo
    French President Emmanuel Macron arrives for an extraordinary meeting of EU leaders to discuss Ukraine at the European Council building in Brussels. AP Photo
  • A local resident boards a train at a suburban area of Kiev. Reuters
    A local resident boards a train at a suburban area of Kiev. Reuters
  • A woman stands among debris after the reported shelling of a nursery in the settlement of Stanytsia Luhanska, Ukraine. AFP
    A woman stands among debris after the reported shelling of a nursery in the settlement of Stanytsia Luhanska, Ukraine. AFP
  • A protester shouts slogans during a demonstration outside the Ukrainian parliament in Kiev against high government taxes. AFP
    A protester shouts slogans during a demonstration outside the Ukrainian parliament in Kiev against high government taxes. AFP
  • A member of the 82nd Airborne Division of the US Army rests ahead of deployment to Poland from Fort Bragg in the US. AP Photo
    A member of the 82nd Airborne Division of the US Army rests ahead of deployment to Poland from Fort Bragg in the US. AP Photo
  • Members of the 82nd Airborne Division of the US Army clean weaponry ahead of deployment to Poland. AP Photo
    Members of the 82nd Airborne Division of the US Army clean weaponry ahead of deployment to Poland. AP Photo

Mr Johnson said Britain intended to “open up the Matryoshka dolls of Russian-owned companies and Russian-owned entities, to find the ultimate beneficiaries within".

The prime minister said that many western leaders, including himself, had visited Kiev in recent weeks to reassure Ukraine of their support.

“How hollow, how meaningless, how insulting those words would seem if, at the very moment when their sovereignty and independence is imperilled, we simply look away.”

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

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6.30pm Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m

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9.50pm Handicap (TB) Dh105,000 (D) 1,600m

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Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.

A semen analysis of the father showed abnormal sperm so the couple required IVF.

Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.

A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.

On day three of the process, 14 embryos were biopsied for gender selection.

The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.

Day five of the treatment saw two male embryos transferred to the patient.

The woman recorded a positive pregnancy test two weeks later. 

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Camelpox

Caused by a virus related to the one that causes human smallpox, camelpox typically causes fever, swelling of lymph nodes and skin lesions in camels aged over three, but the animal usually recovers after a month or so. Younger animals may develop a more acute form that causes internal lesions and diarrhoea, and is often fatal, especially when secondary infections result. It is found across the Middle East as well as in parts of Asia, Africa, Russia and India.

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Houbarapox is, like falconpox, one of the many forms of avipox diseases. It exists in various forms, with a type that causes skin lesions being least likely to result in death. Other forms cause more severe lesions, including internal lesions, and are more likely to kill the bird, often because secondary infections develop. This summer the CVRL reported an outbreak of pox in houbaras after rains in spring led to an increase in mosquito numbers.

U19 WORLD CUP, WEST INDIES

UAE group fixtures (all in St Kitts)

  • Saturday 15 January: UAE beat Canada by 49 runs 
  • Thursday 20 January: v England 
  • Saturday 22 January: v Bangladesh 

UAE squad:

Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles
Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly,
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Conflict, drought, famine

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The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.

Band Aid

Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
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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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Based: Manama, Bahrain

Sector: Sales, Technology, Conservation

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Engine: 1.8 litre combined with 16-volt electric motors

Transmission: Automatic with manual shifting mode

Power: 121hp

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Price: Dh95,900

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Who are the Sacklers?

The Sackler family is a transatlantic dynasty that owns Purdue Pharma, which manufactures and markets OxyContin, one of the drugs at the centre of America's opioids crisis. The family is well known for their generous philanthropy towards the world's top cultural institutions, including Guggenheim Museum, the National Portrait Gallery, Tate in Britain, Yale University and the Serpentine Gallery, to name a few. Two branches of the family control Purdue Pharma.

Isaac Sackler and Sophie Greenberg were Jewish immigrants who arrived in New York before the First World War. They had three sons. The first, Arthur, died before OxyContin was invented. The second, Mortimer, who died aged 93 in 2010, was a former chief executive of Purdue Pharma. The third, Raymond, died aged 97 in 2017 and was also a former chief executive of Purdue Pharma. 

It was Arthur, a psychiatrist and pharmaceutical marketeer, who started the family business dynasty. He and his brothers bought a small company called Purdue Frederick; among their first products were laxatives and prescription earwax remover.

Arthur's branch of the family has not been involved in Purdue for many years and his daughter, Elizabeth, has spoken out against it, saying the company's role in America's drugs crisis is "morally abhorrent".

The lawsuits that were brought by the attorneys general of New York and Massachussetts named eight Sacklers. This includes Kathe, Mortimer, Richard, Jonathan and Ilene Sackler Lefcourt, who are all the children of either Mortimer or Raymond. Then there's Theresa Sackler, who is Mortimer senior's widow; Beverly, Raymond's widow; and David Sackler, Raymond's grandson.

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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.

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

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9. Reduced compliance obligations for imported goods and services

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Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Updated: February 19, 2022, 1:48 PM