Ukrainian servicemembers take part in drills at a training ground in Ukraine. Reuters
Ukrainian servicemembers take part in drills at a training ground in Ukraine. Reuters
Ukrainian servicemembers take part in drills at a training ground in Ukraine. Reuters
Ukrainian servicemembers take part in drills at a training ground in Ukraine. Reuters

West announces first Russia sanctions as Putin 'bent on full invasion of Ukraine'



Live updates: follow the latest news on Russia-Ukraine

The US, Canada and Europe have announced the first tranche of sanctions against Russia in response to its military intervention in eastern Ukraine, with sweeping measures aimed at cutting the Kremlin off from western financial markets as Germany suspends the opening of the Nord Stream 2 gas pipeline.

US President Joe Biden said the “beginning” of the Russian invasion demanded a firm international response to impose tough initial costs that can be ramped up as Moscow pushes further into Ukraine.

“Who in the Lord's name does [Russian President Vladimir] Putin think gives him the right to declare new so-called 'countries' on territory that belongs to his neighbours?” Mr Biden said at the White House.

“We still believe that Russia is poised to go much further in launching a massive military attack against Ukraine … We will continue to escalate sanctions if Russia escalates.”

The sanctions are focused on Russian banks and sovereign debt, among others, the US leader said.

He also announced measures against Russian officials, joining the 27 EU member nations who unanimously agreed on Tuesday to levy their own set of sanctions against such figures.

The measures follow an executive order signed on Monday evening that takes punitive measures against the breakaway republics in Ukraine’s Donbas region. The order bars “new investment, trade and financing by US persons to, from, or in” the so-called Donetsk People's Republic and Luhansk People's Republic, White House Press Secretary Jen Psaki said.

Meanwhile, Canada's leader Justin Trudeau announced “a ban from all financial dealings with the so-called independent states of Luhansk and Donetsk".

“We will sanction members of the Russian parliament who voted for the illegal decision to recognise these so-called republics,” Mr Trudeau said.

In Britain, Prime Minister Boris Johnson said a “first barrage” of UK sanctions would hit five Russian banks and three wealthy oligarchs to punish Moscow for ordering troops to the Donetsk and Luhansk regions.

Amid criticism from MPs who say the sanctions don't go far enough, Mr Johnson said more could follow if Britain's fears that Mr Putin is “bent on a full-scale invasion” prove correct. But even the planned deployment to Ukraine “amounts to a renewed invasion of that country”, Mr Johnson said.

The three businessmen hit by Britain's sanctions — Gennady Timchenko, Boris Rotenberg and Igor Rotenberg — will have their assets in the UK frozen and will be banned from entering the country.

All three made fortunes in the oil and gas sector, are regarded as close to Mr Putin — with Boris Rotenberg thought to have sparred at judo with the president — and have previously been sanctioned by the US government.

Mr Johnson said Britain's sanctions would aim at Russia itself as well as the breakaway regions and would “target Russian economic interests as hard as we can".

Despite frantic diplomatic efforts, western powers “have to face the possibility that none of our messages has been heeded and Putin is implacably determined to go further in subjugating and tormenting Ukraine”, he said.

It came amid global condemnation of Mr Putin's move to recognise separatist governments in the two regions and send troops there under the guise of a peacekeeping mission.

It was not clear whether the promised Russian forces had yet arrived and the Kremlin would not confirm this on Tuesday.

EU foreign ministers were to meet on Tuesday afternoon to approve a package of sanctions put forward by Josep Borrell, the bloc's foreign policy chief.

The European Commission said these sanctions would go after banks financing Russian military operations as well as “those involved in the illegal decision”, although Mr Borrell would not say whether this meant Mr Putin himself.

Before the EU meeting, German Chancellor Olaf Scholz announced that the Nord Stream 2 gas pipeline from Russia would not open for the time being while officials assess what he called a changed security environment.

Bowing to pressure from the US and others who fear Russia could use the pipeline as a geopolitical weapon, Mr Scholz said the regulatory rethink was a “necessary administrative step so that the pipeline cannot be certified at this time”.

  • Firefighters arrive at a military building in Kiev that was damaged in an explosion. EPA
    Firefighters arrive at a military building in Kiev that was damaged in an explosion. EPA
  • A man looks at the debris of an unidentified object in the aftermath of an explosion in Kiev. EPA
    A man looks at the debris of an unidentified object in the aftermath of an explosion in Kiev. EPA
  • Black smoke rises from a military airport in Chuguyev near Kharkiv. AFP
    Black smoke rises from a military airport in Chuguyev near Kharkiv. AFP
  • People take shelter in a Kiev subway station, after Russian President Vladimir Putin authorised a military operation in eastern Ukraine. Reuters
    People take shelter in a Kiev subway station, after Russian President Vladimir Putin authorised a military operation in eastern Ukraine. Reuters
  • A Kiev underground train station provides some shelter. Reuters
    A Kiev underground train station provides some shelter. Reuters
  • Clear airspace over Ukraine, shortly after the attack began, as shown on the Flightradar24 website. AP
    Clear airspace over Ukraine, shortly after the attack began, as shown on the Flightradar24 website. AP
  • Kiev residents leave the city following pre-offensive missile strikes by the Russian armed forces and Belarus. Getty
    Kiev residents leave the city following pre-offensive missile strikes by the Russian armed forces and Belarus. Getty
  • Russian President Vladimir Putin justified the attack in a televised address, saying it was to protect civilians in eastern Ukraine. AP
    Russian President Vladimir Putin justified the attack in a televised address, saying it was to protect civilians in eastern Ukraine. AP
  • Ukrainian President Volodymyr Zelenskyy addresses the nation in Kiev. He has declared martial law, saying Russia has targeted Ukraine's military infrastructure. AP
    Ukrainian President Volodymyr Zelenskyy addresses the nation in Kiev. He has declared martial law, saying Russia has targeted Ukraine's military infrastructure. AP
  • Firefighters extinguish a blaze at a house in Muratovo, in Ukraine's Luhansk enclave. AFP
    Firefighters extinguish a blaze at a house in Muratovo, in Ukraine's Luhansk enclave. AFP
  • The house is said to have been hit during shelling by Russian-backed separatists. AFP
    The house is said to have been hit during shelling by Russian-backed separatists. AFP
  • The coffin of Capt Anton Sidorov is carried by members of the honour guard during a ceremony held at the Ministry of Defence in Kiev, Ukraine. Getty
    The coffin of Capt Anton Sidorov is carried by members of the honour guard during a ceremony held at the Ministry of Defence in Kiev, Ukraine. Getty
  • A picture memorial for those killed in the confrontation between Ukraine's military and pro-Russia separatist forces, in the Luhansk region in eastern Ukraine. AP
    A picture memorial for those killed in the confrontation between Ukraine's military and pro-Russia separatist forces, in the Luhansk region in eastern Ukraine. AP
  • UN Secretary General Antonio Guterres and Russia's Ambassador to the UN, Vassily Nebenzia, attend a Security Council meeting in New York to discuss the crisis in Ukraine. Reuters
    UN Secretary General Antonio Guterres and Russia's Ambassador to the UN, Vassily Nebenzia, attend a Security Council meeting in New York to discuss the crisis in Ukraine. Reuters
  • Ukraine's UN ambassador Sergey Kyslytsya speaks during an emergency meeting of the Security Council. AP
    Ukraine's UN ambassador Sergey Kyslytsya speaks during an emergency meeting of the Security Council. AP
  • US Army soldiers from the 82nd Airborne Division head towards an air base near Arlamow, Poland. Reuters
    US Army soldiers from the 82nd Airborne Division head towards an air base near Arlamow, Poland. Reuters
  • An employee works at the gun counter of a tactical equipment shop in Kiev, Ukraine. Getty
    An employee works at the gun counter of a tactical equipment shop in Kiev, Ukraine. Getty
  • A Ukrainian soldier speaks on a walkie-talkie at his position at the line of separation between Ukraine-held territory and rebel-held territory near Svitlodarsk, eastern Ukraine. AP
    A Ukrainian soldier speaks on a walkie-talkie at his position at the line of separation between Ukraine-held territory and rebel-held territory near Svitlodarsk, eastern Ukraine. AP
  • A man removes his belongings from his house after it was struck by artillery shells in Novoluhanske, eastern Ukraine. AP
    A man removes his belongings from his house after it was struck by artillery shells in Novoluhanske, eastern Ukraine. AP
  • A damaged house in Vibrovka village. EPA
    A damaged house in Vibrovka village. EPA
  • A man shows a poster in support of Ukraine as he protests against the escalation of the tension between Russia and Ukraine, in Berlin. AP
    A man shows a poster in support of Ukraine as he protests against the escalation of the tension between Russia and Ukraine, in Berlin. AP
  • Soldiers carry the coffin of Capt Anton Sydorov, 35, after he was killed in eastern Ukraine. AP
    Soldiers carry the coffin of Capt Anton Sydorov, 35, after he was killed in eastern Ukraine. AP
  • Workers look into a destroyed house after shelling near the city of Novoluhanske in Donetsk. Reuters
    Workers look into a destroyed house after shelling near the city of Novoluhanske in Donetsk. Reuters
  • Destroyed buildings in Krasnogorivka, Ukraine. AFP
    Destroyed buildings in Krasnogorivka, Ukraine. AFP
  • Smoke rises from a power plant after shelling outside the town of Schastia, a day after Moscow recognised two Ukrainian separatist republics and ordered the Russian Army to send in troops as ‘peacekeepers’. AFP
    Smoke rises from a power plant after shelling outside the town of Schastia, a day after Moscow recognised two Ukrainian separatist republics and ordered the Russian Army to send in troops as ‘peacekeepers’. AFP
  • A Ukrainian Army soldier trudges through the wintry streets of Schastia on patrol. AFP
    A Ukrainian Army soldier trudges through the wintry streets of Schastia on patrol. AFP
  • Three women run for cover during shelling in Schastia, eastern Ukraine. AFP
    Three women run for cover during shelling in Schastia, eastern Ukraine. AFP
  • Russian tanks and armoured vehicles on the road in Rostov. EPA
    Russian tanks and armoured vehicles on the road in Rostov. EPA
  • A woman shares food with dogs in Stanytsia Luhanska, a crossing point between Ukrainian government-controlled areas and pro-Russian separatists' territory. AP
    A woman shares food with dogs in Stanytsia Luhanska, a crossing point between Ukrainian government-controlled areas and pro-Russian separatists' territory. AP
  • People wave Russian flags in Donetsk, the territory controlled by pro-Russian militants, in eastern Ukraine. AP
    People wave Russian flags in Donetsk, the territory controlled by pro-Russian militants, in eastern Ukraine. AP
  • A tank drives along a street in the city of Donetsk. Reuters
    A tank drives along a street in the city of Donetsk. Reuters
  • Ukrainian President Volodymyr Zelenskyy addresses the nation on TV and says 'we are not afraid' after Russian President Vladimir Putin ordered troops into Donetsk and Luhansk, two Moscow-backed rebel regions of Ukraine. AFP
    Ukrainian President Volodymyr Zelenskyy addresses the nation on TV and says 'we are not afraid' after Russian President Vladimir Putin ordered troops into Donetsk and Luhansk, two Moscow-backed rebel regions of Ukraine. AFP
  • A military truck in Donetsk after Mr Putin ordered the deployment of Russian troops to the city. Reuters
    A military truck in Donetsk after Mr Putin ordered the deployment of Russian troops to the city. Reuters
  • Russian state television showed Mr Putin signing a decree recognising the independence of the two Ukrainian breakaway regions. Reuters
    Russian state television showed Mr Putin signing a decree recognising the independence of the two Ukrainian breakaway regions. Reuters
  • US President Joe Biden signs an executive order at the White House to prohibit trade and investment between US individuals and the two breakaway regions of eastern Ukraine. Reuters
    US President Joe Biden signs an executive order at the White House to prohibit trade and investment between US individuals and the two breakaway regions of eastern Ukraine. Reuters
  • Mr Putin signs documents, including the decree recognising two Russian-backed breakaway regions in eastern Ukraine. Reuters
    Mr Putin signs documents, including the decree recognising two Russian-backed breakaway regions in eastern Ukraine. Reuters
  • Ukraine ambassador to the United Nations, Sergiy Kyslytsya, addresses an emergency meeting of the UN Security Council on the situation between Ukraine and Russia in New York. EPA
    Ukraine ambassador to the United Nations, Sergiy Kyslytsya, addresses an emergency meeting of the UN Security Council on the situation between Ukraine and Russia in New York. EPA

Ten north European countries are to undertake naval exercises in the Baltic Sea in response to increased tension with Russia, it was announced on Tuesday,

The alliance of the Joint Expeditionary Force, which includes Nato countries as well as Finland and Sweden, said they would “shortly conduct an exercise demonstrating JEF nations' freedom of movement”.

The manoeuvres would “remain preventive and proportionate”, the defence ministers said following a meeting in central England.

“In acting together, we shall demonstrate the JEF's solidarity, capability and resolve to stand together for security and stability in our region,” the statement added.

European stock markets hit a seven-month low in early trading as traders responded to the escalation. Natural gas prices jumped, as pressure grows for countries to reduce their reliance on Russian fuel — a step which Mr Johnson said Europe had failed to take after the annexation of Crimea in 2014.

“We have got to recognise that we were not tough enough and in the end we didn’t do enough, as Europeans, to wean ourselves off Russian hydrocarbons, off Russian oil and gas,” he said.

Ukraine's President Volodymyr Zelenskyy said the country was not afraid of anyone but said Kiev expected “clear support steps” from its allies after weeks of warnings to Russia. Defence Minister Oleksii Reznikov said the Kremlin had “taken another step towards the revival of the Soviet Union”.

Russia moved on Tuesday to cement its ties with the breakaway regions, with legislation put before its parliament that would rubber-stamp the deployment of troops. Mr Putin formally recognised them after an hour-long address scattered with references to the former USSR in which he questioned Ukraine's legitimacy as an independent state.

The escalation came despite weeks of attempts to calm the tension, including visits to Moscow by French President Emmanuel Macron and Mr Scholz. Russia said Foreign Minister Sergey Lavrov was still due to meet his US counterpart Antony Blinken on Thursday.

Moscow’s moves on Monday prompted an emergency session of the UN Security Council, where Russia received no backing and even its ally China called for diplomacy and a peaceful solution.

UK ambassador Dame Barbara Woodward told the council that Russia has “brought us to the brink” and that its actions “will have severe and far-reaching consequences”.

She said a full invasion would unleash “the forces of war, death and destruction” on the people of Ukraine and that “the humanitarian impact will be terrible on civilians fleeing the fighting. We know that women and children will suffer most".

Some officials in Europe have called for Belarus to face additional sanctions after allowing the Russian military to stay on its territory indefinitely, increasing the troop contingent on Ukraine's borders.

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Russian troops have been taking part in joint military drills in Belarus for the past few weeks. On Sunday the Belarusian Defence Ministry announced that 30,000 Russian troops would remain in the country.

Asked about Mr Putin’s order to send troops into eastern Ukraine, UK Health Secretary Sajid Javid said Russia’s military presence on Ukrainian soil meant Europe was “waking up to a very dark day".

Agencies contributed to this report.

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Ten tax points to be aware of in 2026

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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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SPAIN SQUAD

Goalkeepers Simon (Athletic Bilbao), De Gea (Manchester United), Sanchez (Brighton)

Defenders Gaya (Valencia), Alba (Barcelona), P Torres (Villarreal), Laporte (Manchester City), Garcia (Manchester City), D Llorente (Leeds), Azpilicueta (Chelsea)

Midfielders Busquets (Barcelona), Rodri (Manchester City), Pedri (Barcelona), Thiago (Liverpool), Koke (Atletico Madrid), Ruiz (Napoli), M Llorente (Atletico Madrid)

Forwards: Olmo (RB Leipzig), Oyarzabal (Real Sociedad), Morata (Juventus), Moreno (Villarreal), F Torres (Manchester City), Traore (Wolves), Sarabia (PSG)

Major honours

ARSENAL

  • FA Cup - 2005

BARCELONA

  • La Liga - 2013
  • Copa del Rey - 2012
  • Fifa Club World Cup - 2011

CHELSEA

  • Premier League - 2015, 2017
  • FA Cup - 2018
  • League Cup - 2015

SPAIN

  • World Cup - 2010
  • European Championship - 2008, 2012
Updated: February 22, 2022, 11:58 PM