Katerina Tikhonova (left), daughter of Russian President Vladimir Putin, dances with Ivan Klimov during the World Cup Rock'n'Roll Acrobatic Competition in Krakow, Poland, in 2014. Reuters
Katerina Tikhonova (left), daughter of Russian President Vladimir Putin, dances with Ivan Klimov during the World Cup Rock'n'Roll Acrobatic Competition in Krakow, Poland, in 2014. Reuters
Katerina Tikhonova (left), daughter of Russian President Vladimir Putin, dances with Ivan Klimov during the World Cup Rock'n'Roll Acrobatic Competition in Krakow, Poland, in 2014. Reuters
Katerina Tikhonova (left), daughter of Russian President Vladimir Putin, dances with Ivan Klimov during the World Cup Rock'n'Roll Acrobatic Competition in Krakow, Poland, in 2014. Reuters

Putin and Lavrov's daughters hit by sanctions from UK


Neil Murphy
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The UK on Friday announced sanctions against the daughters of Russian President Vladimir Putin and Foreign Minister Sergey Lavrov, targeting what it said were the "lavish lifestyles" of the Kremlin's inner circle.

Mr Putin's daughters, Katerina Tikhonova and Maria Putina, will have their assets frozen and be banned from travelling to Britain, mirroring moves against them by the US government on Wednesday.

The same measures will apply to Yekaterina Vinokurova, the daughter of Mr Lavrov. Polina Kovaleva, a woman described by ministers as his stepdaughter, was hit by sanctions last month.

Britain said it had worked on the sanctions with the US, which said it was sanctioning the family members because Mr Putin and other oligarchs are suspected of using relatives to hide their wealth.

"Our unprecedented package of sanctions is hitting the elite and their families, while degrading the Russian economy on a scale Russia hasn’t seen since the fall of the Soviet Union," said Foreign Secretary Liz Truss.

It is the second set of British sanctions on Russia this week in response to the invasion of Ukraine and reports of atrocities committed by Moscow's troops in areas that were under their control.

Asset freezes have been imposed on Sberbank, Russia’s largest bank, and the Credit Bank of Moscow.

All new outward investment to Russia has been banned and the UK has also committed to end all imports of Russian coal and oil by the end of the year, with gas to follow as soon as possible.

Imports of Russian iron and steel products will be banned and a further eight oligarchs have been added to the sanctions list.

Which oligarchs are included in the latest list of UK sanctions?

Katerina Tikhonova and Maria Vorontsova, also known as Maria Putina, the daughters of President Vladimir Putin.

Yakaterina Vinokurova, the daughter of Foreign Minister Sergey Lavrov.

Viatcheslav Kantor, the largest shareholder of fertiliser company Acron, which has vital strategic significance for the Russian government.

Andrey Guryev, a known close associate of Mr Putin and founder of PhosAgro — another company with vital strategic significance that produces fertilisers.

Sergey Kogogin, director of Kamaz, which manufactures lorries and buses, including for the Russian military.

Sergey Sergeyevich Ivanov, president of the world’s largest diamond producer Alrosa, which the UK also sanctioned.

Leonid Mikhelson, founder and chief executive of leading Russian natural gas producer Novatek, with a net worth of £18 billion ($23.6bn).

Andrey Akimov, chief executive of Russia’s third largest bank Gazprombank.

Aleksander Dyukov, chief executive of Russia’s third largest and majority state-owned oil producer GazpromNeft.

Boris Borisovich Rotenberg, son of the co-owner of Russia’s largest gas pipeline producer SGM. The Rotenberg family are known for their close connections to Mr Putin and a number of them have already been sanctioned.

What else has been announced?

Asset freezes have been imposed on Sberbank and Credit Bank of Moscow. Sberbank is Russia’s largest bank and this freeze is being taken in co-ordination with the US.

The country also announced an outright ban on all new outward investment to Russia. In 2020 UK investment in Russia was worth over £11bn.

The UK wants to end all dependency on Russian coal and oil by the end of the year, and end imports of gas as soon as possible thereafter. From next week, the export of key oil refining equipment and catalysts will also be banned, degrading Russia’s ability to produce and export oil.

The UK is targeting Russian strategic industries and state-owned enterprises. This includes a ban on imports of iron and steel products, a key source of revenue.

  • A Ukrainian soldier inspects a burnt Russian tank in Dmytrivka, Kyiv region. Getty Images
    A Ukrainian soldier inspects a burnt Russian tank in Dmytrivka, Kyiv region. Getty Images
  • Ukrainians who fled to Mexico amid Russia's invasion of their homeland arrive at a shelter near the US border, in Tijuana, Mexico. Reuters
    Ukrainians who fled to Mexico amid Russia's invasion of their homeland arrive at a shelter near the US border, in Tijuana, Mexico. Reuters
  • Ukrainian President Volodymyr Zelenskyy speaks from Kyiv. AP
    Ukrainian President Volodymyr Zelenskyy speaks from Kyiv. AP
  • A woman hugs a Ukrainian soldier after a convoy of military and aid vehicles arrived in the formerly Russian-occupied Kyiv suburb of Bucha. AP
    A woman hugs a Ukrainian soldier after a convoy of military and aid vehicles arrived in the formerly Russian-occupied Kyiv suburb of Bucha. AP
  • Shrapnel marks are seen on the statue of a child after shelling that hit the Gorky amusement park, in Kharkiv. Reuters
    Shrapnel marks are seen on the statue of a child after shelling that hit the Gorky amusement park, in Kharkiv. Reuters
  • A Ukrainian soldier walks next to a military vehicle, outside Kyiv. AP
    A Ukrainian soldier walks next to a military vehicle, outside Kyiv. AP
  • A man distributes toilet paper rolls as people wait for medicine and sanitary supply handouts in the formerly Russian-occupied Kyiv suburb of Bucha, Ukraine. AP
    A man distributes toilet paper rolls as people wait for medicine and sanitary supply handouts in the formerly Russian-occupied Kyiv suburb of Bucha, Ukraine. AP
  • A woman cooks on an open fire outside an apartment building, in Bucha. AP
    A woman cooks on an open fire outside an apartment building, in Bucha. AP
  • A Ukrainian soldier check streets for booby traps after Russian troops withdrew from Bucha. AP
    A Ukrainian soldier check streets for booby traps after Russian troops withdrew from Bucha. AP
  • Graves of residents who died during the Russian invasion, in front of residential buildings in the areas recaptured by the Ukrainian army, in Kyiv. EPA
    Graves of residents who died during the Russian invasion, in front of residential buildings in the areas recaptured by the Ukrainian army, in Kyiv. EPA
  • Destroyed Russian military vehicles on a street in Kyiv. EPA
    Destroyed Russian military vehicles on a street in Kyiv. EPA
  • A Ukrainian soldier walks by the wreckage of the Antonov An-225 Mriya aircraft , the world's largest cargo airplane and relic of the Soviet space programme, which was destroyed during fighting in Hostomel, Ukraine. AP
    A Ukrainian soldier walks by the wreckage of the Antonov An-225 Mriya aircraft , the world's largest cargo airplane and relic of the Soviet space programme, which was destroyed during fighting in Hostomel, Ukraine. AP
  • Ukrainian soldiers shout patriotic slogans with the Antonov An-225 in the background. AP
    Ukrainian soldiers shout patriotic slogans with the Antonov An-225 in the background. AP
  • Yulia Dyrda, who sustained arm injuries from Russian shelling, recovers at a hospital in Chuhuiv, Ukraine. Getty Images
    Yulia Dyrda, who sustained arm injuries from Russian shelling, recovers at a hospital in Chuhuiv, Ukraine. Getty Images
  • Residents stand next to a stuck Russian tank, in Nova Basan. Reuters
    Residents stand next to a stuck Russian tank, in Nova Basan. Reuters
  • The mother of Lt Oliynyk Dmytro, 40, mourns his death during his funeral ceremony, after the soldier was killed in action, in Lviv, western Ukraine. AP
    The mother of Lt Oliynyk Dmytro, 40, mourns his death during his funeral ceremony, after the soldier was killed in action, in Lviv, western Ukraine. AP
  • Ukrainian refugees rest in the ticket hall at Przemysl Glowny train station, Poland. Reuters
    Ukrainian refugees rest in the ticket hall at Przemysl Glowny train station, Poland. Reuters
  • A dog walks past the wreckage of a Russian armored personnel carrier, in Dmytrivka, Kyiv region. Getty Images
    A dog walks past the wreckage of a Russian armored personnel carrier, in Dmytrivka, Kyiv region. Getty Images
  • Ukrainians ride bicycles past destroyed cars in the town of Bucha, north-west of the capital Kyiv. Reuters
    Ukrainians ride bicycles past destroyed cars in the town of Bucha, north-west of the capital Kyiv. Reuters
  • Buildings damaged by shelling in the town of Makariv, in Kyiv region. Reuters
    Buildings damaged by shelling in the town of Makariv, in Kyiv region. Reuters
  • A woman carries her dog during an evacuation in the town of Irpin outside Kyiv. Reuters
    A woman carries her dog during an evacuation in the town of Irpin outside Kyiv. Reuters
  • Ukrainian President Volodymyr Zelenskyy gives a video update in which he said the situation in east of the country remained extremely difficult. Reuters
    Ukrainian President Volodymyr Zelenskyy gives a video update in which he said the situation in east of the country remained extremely difficult. Reuters
  • The Drax Power Station in North Yorkshire, England, illuminated in the colours of the Ukrainian flag. Reuters
    The Drax Power Station in North Yorkshire, England, illuminated in the colours of the Ukrainian flag. Reuters
  • Russian soldiers destroyed this bridge as they withdrew from a village on the outskirts of Kyiv. AP Photo
    Russian soldiers destroyed this bridge as they withdrew from a village on the outskirts of Kyiv. AP Photo
  • A child wrapped in a rescue emergency blanket crosses the border into Medyka, south-eastern Poland. AP Photo
    A child wrapped in a rescue emergency blanket crosses the border into Medyka, south-eastern Poland. AP Photo
  • Flowers lay on a Ukrainian armoured vehicle destroyed during fighting between Russian and Ukrainian forces on the outskirts of Kyiv. AP Photo
    Flowers lay on a Ukrainian armoured vehicle destroyed during fighting between Russian and Ukrainian forces on the outskirts of Kyiv. AP Photo
  • Damaged houses and a burnt-out Russian armoured vehicle on the outskirts of Kyiv. AFP
    Damaged houses and a burnt-out Russian armoured vehicle on the outskirts of Kyiv. AFP
  • Ukrainian soldier Dasha, 22, checks her phone after a military sweep to search for Russian troops after their withdrawal from villages in the outskirts of Kyiv. AP Photo
    Ukrainian soldier Dasha, 22, checks her phone after a military sweep to search for Russian troops after their withdrawal from villages in the outskirts of Kyiv. AP Photo
  • Ammunition scattered on the ground next to a Ukrainian armoured car destroyed in fighting outside Kyiv. AP Photo
    Ammunition scattered on the ground next to a Ukrainian armoured car destroyed in fighting outside Kyiv. AP Photo

Which oligarchs have been previously sanctioned?

Roman Abramovich, 55. The Russian-Israeli made his fortune in the post-Soviet years and was close to former Russian president Boris Yeltsin.

Oleg Deripaska, 54. The industrialist is worth £2 billion and has had close links with the British political establishment. He has a multimillion pound property portfolio in the UK.

Igor Sechin, 61. Officials described Mr Sechin as Russian President Vladimir Putin's “right-hand man” and the second most important person in the country.

Andrey Kostin, 65. The chairman of VTB, a Russian state-owned bank. Mr Kostin is also a member of the supreme council of the United Russia political party and deemed a “close associate” of Mr Putin who has “long supported” the Kremlin.

Alexei Miller, 60. The chief executive of energy company Gazprom, Russia's largest company and the world' biggest public energy supplier.

Nikolai Tokarev, 71. The president of the Russia state-owned pipeline company Transneft. Mr Tokarev is a former KGB officer who served alongside Mr Putin in East Germany towards the end of the Cold War.

Dmitri Lebedev, 53. The businessman and financier serves as chairman of the Board of Directors of Bank Rossiya, a Russian joint stock bank.

Kirill Shamalov, 39. He is Russia's youngest billionaire and the former husband of Mr Putin's daughter Katerina Tikhonova.

Pyotr Fradkov, 43. He is head of the sanctioned Promsvyazbank, which finances Russian defence industries, and the son of Mikhail Fradkov, a former prime minister of Russia who was chief of its foreign intelligence service.

Denis Bortnikov, 47. The deputy president of government-affiliated VTB bank. His father, Alexander Bortnikov, is head of the Federal Security Service.

Yury Slyusar, 47. The director of United Aircraft Corporation, one of the major defence organisations that has also been sanctioned.

Elena Georgieva, 45. The chairwoman of the board of Novikombank, a state-owned defence conglomerate that finances Rostec.

Squad

Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas) 

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.”

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
The low down

Producers: Uniglobe Entertainment & Vision Films

Director: Namrata Singh Gujral

Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark

Rating: 2/5

How to turn your property into a holiday home
  1. Ensure decoration and styling – and portal photography – quality is high to achieve maximum rates.
  2. Research equivalent Airbnb homes in your location to ensure competitiveness.
  3. Post on all relevant platforms to reach the widest audience; whether you let personally or via an agency know your potential guest profile – aiming for the wrong demographic may leave your property empty.
  4. Factor in costs when working out if holiday letting is beneficial. The annual DCTM fee runs from Dh370 for a one-bedroom flat to Dh1,200. Tourism tax is Dh10-15 per bedroom, per night.
  5. Check your management company has a physical office, a valid DTCM licence and is licencing your property and paying tourism taxes. For transparency, regularly view your booking calendar.
Company%20Profile
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The specs

Engine: 3.8-litre V6

Power: 295hp at 6,000rpm

Torque: 355Nm at 5,200rpm

Transmission: 8-speed auto

Fuel consumption: 10.7L/100km

Price: Dh179,999-plus

On sale: now 

Changing visa rules

For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.

Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.

It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.

The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.

The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.

Updated: April 08, 2022, 12:18 PM