Russian forces are being pushed back from towns around Kyiv by Ukrainian counter-attacks, Britain has said, as President Vladimir Putin’s troops struggle to push towards the capital.
Ukrainian troops have recaptured towns occupied by the Russians and are likely to continue with their pushback towards Hostomel Airport.
The airfield on the outskirts of the capital is a key target for Moscow, which hopes to use the base to fly in extra troops. Invading forces briefly took control of the site at the beginning of the war but the Ukrainians managed to retake it shortly afterwards.
In an intelligence update issued on Friday Britain’s Ministry of Defence said the Russians continue to be blighted by logistical problems.
“Ukrainian counter-attacks, and Russian Forces falling back on overextended supply lines, has allowed Ukraine to reoccupy towns and defensive positions up to 35 kilometres east of Kyiv,” the MoD said.
Fireball
Moscow claimed it hit the largest military fuel storage facility in Ukraine, triggering a huge fireball at the site.
A plume of black smoke rose from a fuel storage facility in the village of Kalynivka outside Kyiv on Friday after Russia said it had destroyed the military site with Kalibr cruise missiles.
"On the evening of March 24, Kalibr high-precision sea-based cruise missiles attacked a fuel base in the village of Kalynivka near Kyiv," the Russian defence ministry said in a statement.
Ukraine confirmed the strike, saying the village some 40 kilometres south-west of Kyiv was targeted.
“Ukrainian Forces are likely to continue to attempt to push Russian Forces back along the north-western axis from Kyiv towards Hostomel airfield.
“In the south of Ukraine Russian forces are still attempting to circumvent Mykolaiv as they look to drive west towards Odesa with their progress being slowed by logistic issues and Ukrainian resistance.”
However further north the Ukrainian city of Chernihiv has in effect been cut off by Russian forces, the regional governor said on Friday.
"The city has been conditionally, operationally surrounded by the enemy," Governor Viacheslav Chaus said on national television, adding that the city was under fire from artillery and warplanes.
Ukrainian President Volodymyr Zelenskyy on Thursday pleaded for more military aid for his troops and volunteers to defend their country. He also said the West's sanctions against Russia had come too late.
He issued a clarion call as world leaders gathered for three summits to discuss the next steps in countering Russia’s month-old invasion. The extraordinary series of summits — hosted by Nato, the G7 industrialised nations and the EU in Brussels — reflected alarm that the conflict shows no sign of ending soon and could even spread beyond Ukraine’s borders.
As Europe faces its greatest crisis in generations, Western leaders continue the search for ways to increase pressure on President Putin while avoiding steps that could lead to a wider war on the continent.
Mr Zelenskkyy, addressing the Nato gathering by video from Kyiv, called for “military assistance without limitations” as Russia is “without limits using its entire arsenal”.
He specifically asked for anti-air and anti-ship weapons, and although Mr Zelenskyy thanked Western nations for support they already have provided, his frustration was clear.
He urged Nato to provide Ukraine with “1 per cent of all your planes, 1 per cent of all your tanks”.
“We can’t just buy those,” Mr Zelenskyy said. “When we will have all this, it will give us, just like you, 100 per cent security.”
US President Joe Biden, who is attending all three summits, said more aid was on its way. “We are committed to identifying additional equipment, including air defence systems, to help Ukraine,” Mr Biden said after the Nato meeting.
He will travel to a Polish town near the border with Ukraine on Friday to meet Ukrainian refugees.
Billions of dollars of military hardware has already been provided. A US official said Western nations were also discussing the possibility of providing anti-ship weapons amid concerns that Russia will launch amphibious assaults along the Black Sea coast.
The White House announced that the US will welcome 100,000 Ukrainian refugees and provide an additional $1 billion in food, medicine, water and other supplies.
With Russia facing increasing international isolation, Nato Secretary General Jens Stoltenberg warned China against coming to its rescue. “They should join the rest of the world and clearly condemn the brutal war against Ukraine and not support Russia,” either with economic or military support, he said after the closed-door meeting.
Meanwhile Ukrainian officials in the strategic port city of Mariupol say some 300 people could have died in last week's Russian strike on a theatre where hundreds were sheltering.
"From eyewitnesses, information is emerging that about 300 people died in the Drama Theatre of Mariupol following strikes by a Russian aircraft," Mariupol city council wrote on Telegram.
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.”
Fireball
Moscow claimed it hit the largest military fuel storage facility in Ukraine, triggering a huge fireball at the site.
A plume of black smoke rose from a fuel storage facility in the village of Kalynivka outside Kyiv on Friday after Russia said it had destroyed the military site with Kalibr cruise missiles.
"On the evening of March 24, Kalibr high-precision sea-based cruise missiles attacked a fuel base in the village of Kalynivka near Kyiv," the Russian defence ministry said in a statement.
Ukraine confirmed the strike, saying the village some 40 kilometres south-west of Kyiv was targeted.