Live updates: follow the latest news on Russia-Ukraine
British Prime Minister Boris Johnson has dismissed President Vladimir Putin’s announcement that he is putting Russia’s nuclear deterrent on high alert as a “distraction” from the struggle his troops are facing in Ukraine.
Mr Putin said on Sunday that he was putting Russia’s nuclear forces on a “special regime of combat duty” in response to “aggressive statements” from western powers.
But Mr Johnson suggested his actions were more to do with the fact that his forces were meeting “more resistance than the Kremlin had bargained for”.
He also cast doubt on possible negotiations between Russian and Ukrainian delegations to try to resolve the crisis.
Ukrainian President Volodymyr Zelenskyy agreed that the two sides could meet on the Ukraine-Belarus border, having initially rejected an offer of talks in Belarus.
But Mr Johnson said there was nothing to suggest that Mr Putin was genuine in his offer.
“There’s nothing I’ve seen so far in his behaviour that leads me to think that he could possibly be sincere,” he said.
Earlier, Russian TV footage showed Mr Putin meeting his defence minister and the chief of the general staff, and instructing them to put the nuclear deterrent on a “special regime of combat duty”.
“Western countries aren’t only taking unfriendly actions against our country in the economic sphere, but top officials from leading Nato members made aggressive statements regarding our country,” Mr Putin said.
The expected assault on Kiev again failed to materialise on Sunday.
“This is an innocent people who are facing a totally unprovoked act of aggression against them," Mr Johnson said.
"And what’s actually happening is that they are fighting back perhaps with more effect, with more resistance, than the Kremlin had bargained for.
“You can see some of the logistical difficulties that the Russian forces are experiencing. The Russian Defence Ministry have themselves conceded that they’re having casualties.
“This is a disastrous misbegotten venture by President Putin.”
In the US, White House press secretary Jen Psaki accused Mr Putin of resorting to the tactics he used running up to invasion, “which is to manufacture threats that don’t exist in order to justify further aggression”.
Nato Secretary General Jens Stoltenberg also condemned the threat.
“This is dangerous rhetoric," Mr Stoltenberg said. "This is a behaviour which is irresponsible.”
On Sunday, Mr Johnson addressed the congregation at the Ukrainian Catholic Cathedral in London.
He said that while he bore no hostility to the Russian people, there was no excuse for the country’s leaders who had chosen “the path of violence and aggression”.
“Never in all my study or memory of politics and international affairs have I seen so clear a distinction between right and wrong, between good and evil, between light and dark,” Mr Johnson said.
Earlier, UK Foreign Secretary Liz Truss said that faced with the possible end of his regime, Mr Putin could resort to the “most unsavoury means” in Ukraine.
“I urge the Russians not to escalate this conflict but we do need to be prepared for Russia to seek to use even worse weapons,” Ms Truss told Sky News
After the co-ordinated announcement by the UK, US, EU and Canada late on Saturday that some Russian banks would be excluded from the Swift global payments system, she said it was vital to maintain pressure on Moscow with more economic sanctions.
She said the Foreign Office was drawing up a “hit list” of Russian oligarchs who would have travel bans and asset freezes imposed in the coming weeks.
Ms Truss said there would be an “economic cost” to pay for sanctions but it was essential that Mr Putin was stopped in Ukraine to avert future wars in Europe.
“If we don’t stop Putin in Ukraine we are going to see others under threat – the Baltics, Poland, Moldova — and it could end up in a conflict with Nato,” she said.
“Yes, there will be an economic cost here in Britain, there will be a cost in terms of access to oil and gas markets.
"I firmly believe that the British public understand the price we will pay if we don’t stand up to Putin now.”
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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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 biog
Birthday: February 22, 1956
Born: Madahha near Chittagong, Bangladesh
Arrived in UAE: 1978
Exercise: At least one hour a day on the Corniche, from 5.30-6am and 7pm to 8pm.
Favourite place in Abu Dhabi? “Everywhere. Wherever you go, you can relax.”
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Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow?
a) More than $102
b) Exactly $102
c) Less than $102
d) Do not know
e) Refuse to answer
Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account?
a) More than today
b) Exactly the same as today
c) Less than today
d) Do not know
e) Refuse to answer
Q4 Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.”
a) True
b) False
d) Do not know
e) Refuse to answer
The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania.
Answers: Q1 More than $102 (compound interest). Q2 Less than today (inflation). Q3 False (diversification).
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
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