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Sanctions against Russian oligarchs, banks and businesses could be lifted if President Vladimir Putin ends his invasion of Ukraine and commits to “no further aggression”, UK Foreign Secretary Liz Truss has said.
She outlined how Russian sanctions could end but warned that “snapback sanctions” could kick in if Russia attacked again.
The UK's sanctions against Russia over its invasion of Ukraine could be lifted if Moscow committed to a full ceasefire and withdrew its troops, she told The Telegraph.
Ms Truss said the Kremlin must also commit to “no further aggression” towards Ukraine if the British sanctions had to be eased.
In concert with western allies, London has imposed sanctions on more than 1,000 Russian and Belarusian people and businesses in recent weeks, with the latest round of targets announced on Thursday.
“Sanctions should only come off with a full ceasefire and withdrawal, but also commitments that there will be no further aggression,” Ms Truss said.
“And also, there's the opportunity to have snapback sanctions if there is further aggression in future.”
She said Russia had previously signed up to agreements that they had failed to fulfil later.
"What we know is that Russia signed up to multiple agreements they simply don’t comply with. So there needs to be hard levers. Of course, sanctions are a hard lever," she said.
The comments echo recent remarks by US Secretary of State Antony Blinken that the wide-ranging penalties against Russia are “not designed to be permanent” and could “go away” if Moscow changes its behaviour.
“The scale of the issue that we’re facing with Russia is so big, it’s so important, it’s so vital that we all stick together,” Ms Truss said.
On Saturday, US President Joe Biden called Russian leader Vladimir Putin “a butcher” who “cannot remain in power”.
Ms Truss also revealed shd has set up a specialist negotiations unit with her foreign ministry to aid Ukraine in peace talks with Russia.
However, she cautioned it would only be useful if the Russians were serious about negotiations.
“I don't believe they are serious at present and that's why I've said we need to be tough to get peace,” Ms Truss said.
Britain and other allies, she said, needed to “double down on sanctions” and “double down on the weapons that we're sending to Ukraine".
She called for Mr Putin to be brought under even more pressure, domestically through the economy and Russia being debilitated.
“With the supply of more weaponry to the Ukrainians, I think we could see his attempts to invade stall. Over time, this will bear down on Putin’s ability to succeed and will ensure that he loses in Ukraine.
“And at that point, we need to make sure that there isn’t a repeat of the Minsk [ceasefire] process — that we actually end up in a situation where there is a genuine ceasefire, there’s a genuine withdrawal of troops from Ukraine, and there are real levers on Russia in the future to stop any future aggression.”
Directed by Sam Mendes
Starring Dean-Charles Chapman, George MacKay, Daniel Mays
4.5/5
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
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Torque: 374Nm @ 5,200rpm
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Fuel consumption, combined: 10.5L / 100km
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It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
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
RESULTS
6pm: Al Maktoum Challenge Round-2 – Group 1 (PA) $55,000 (Dirt) 1,900m
Winner: Rajeh, Antonio Fresu (jockey), Musabah Al Muhairi (trainer)
6.35pm: Oud Metha Stakes – Rated Conditions (TB) $60,000 (D) 1,200m
Winner: Get Back Goldie, William Buick, Doug O’Neill
7.10pm: Jumeirah Classic – Listed (TB) $150,000 (Turf) 1,600m
Winner: Sovereign Prince, James Doyle, Charlie Appleby
7.45pm: Firebreak Stakes – Group 3 (TB) $150,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer
8.20pm: Al Maktoum Challenge Round-2 – Group 2 (TB) $350,000 (D) 1,900m
Winner: Hot Rod Charlie, William Buick, Doug O’Neill
8.55pm: Al Bastakiya Trial – Conditions (TB) $60,000 (D) 1,900m
Winner: Withering, Adrie de Vries, Fawzi Nass
9.30pm: Balanchine – Group 2 (TB) $180,000 (T) 1,800m
Winner: Creative Flair, William Buick, Charlie Appleby
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Charlotte Gainsbourg
Rest
(Because Music)
Asia Cup 2018 Qualifier
Sunday's results:
- UAE beat Malaysia by eight wickets
- Nepal beat Singapore by four wickets
- Oman v Hong Kong, no result
Tuesday fixtures:
- Malaysia v Singapore
- UAE v Oman
- Nepal v Hong Kong