Smoke billows from the Azovstal steel plant in southern port city Mariupol, where Ukrainian defenders are making a stand. AFP
Smoke billows from the Azovstal steel plant in southern port city Mariupol, where Ukrainian defenders are making a stand. AFP
Smoke billows from the Azovstal steel plant in southern port city Mariupol, where Ukrainian defenders are making a stand. AFP
Smoke billows from the Azovstal steel plant in southern port city Mariupol, where Ukrainian defenders are making a stand. AFP

Russian generals named on new UK sanctions list


Simon Rushton
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New sanctions are being imposed on Russian generals and business leaders supporting Russia's war in Ukraine, the UK announced on Thursday.

The new sanctions were filed after British intelligence revealed what it called the intentional bombing of critical and civilian infrastructure in the besieged southern city of Mariupol.

“The depravity of Russia’s assault on the people of Ukraine is plain for all to see. They are deliberately targeting hospitals, schools, and transport hubs in Mariupol and beyond — just as they did in Chechnya and Syria,” UK Foreign Secretary Liz Truss said.

“The UK is unyielding in our support for Ukraine and in holding Putin and his regime to account. Today’s new wave of sanctions hits the generals and defence companies that have blood on their hands.”

Mariupol has become a key battleground in the war.

President Vladimir Putin declared on Thursday that Russia had seized the city, even as his Defence Minister Sergei Shoigu said more than 2,000 Ukrainian troops remain holed up in an industrial complex in the strategic port on the Sea of Azov.

  • Pro-Russian troops, including fighters of the Chechen special forces unit, survey the destroyed administration building of Azovstal Iron and Steel Works in Mariupol, Ukraine. Reuters
    Pro-Russian troops, including fighters of the Chechen special forces unit, survey the destroyed administration building of Azovstal Iron and Steel Works in Mariupol, Ukraine. Reuters
  • A young Ukrainian refugee, one of 71 to board a flight from Moldova, sits on a suitcase after arriving in Bordeaux, France. AFP
    A young Ukrainian refugee, one of 71 to board a flight from Moldova, sits on a suitcase after arriving in Bordeaux, France. AFP
  • A member of a demining team of the State Emergency Service of Ukraine carries an unexploded projectile during mine clearing near Brovary, north-east of Kyiv. AFP
    A member of a demining team of the State Emergency Service of Ukraine carries an unexploded projectile during mine clearing near Brovary, north-east of Kyiv. AFP
  • An armoured convoy of pro-Russian troops presses on in the besieged Ukrainian city of Mariupol. Reuters
    An armoured convoy of pro-Russian troops presses on in the besieged Ukrainian city of Mariupol. Reuters
  • A worker cleans a statue of the founder of the Soviet Union Vladimir Lenin at Moscow Square in Saint Petersburg, Russia. AFP
    A worker cleans a statue of the founder of the Soviet Union Vladimir Lenin at Moscow Square in Saint Petersburg, Russia. AFP
  • Firefighters battle flames at a warehouse after a Russian bombardment in Kharkiv, Ukraine. AP Photo
    Firefighters battle flames at a warehouse after a Russian bombardment in Kharkiv, Ukraine. AP Photo
  • People walk along a street past a missile that stuck in the ground, amid Russia's invasion of Ukraine, in Rubizhne, Luhansk region, Ukraine. Reuters
    People walk along a street past a missile that stuck in the ground, amid Russia's invasion of Ukraine, in Rubizhne, Luhansk region, Ukraine. Reuters
  • A man rides his bicycle next to a destroyed Russian tank in Chernihiv, Ukraine. AP Photo
    A man rides his bicycle next to a destroyed Russian tank in Chernihiv, Ukraine. AP Photo
  • A man walks next to a fire after a Russian bombardment in Kharkiv, Ukraine. AP Photo
    A man walks next to a fire after a Russian bombardment in Kharkiv, Ukraine. AP Photo
  • A Ukrainian refugee from Mariupol area, is greeted after arriving in a small convoy that crossed through a territory held by Russian forces, after the opening of a humanitarian corridor, at a registration center for internally displaced people, amid Russia's invasion of Ukraine, in Zaporizhzhia, Ukraine. Reuters
    A Ukrainian refugee from Mariupol area, is greeted after arriving in a small convoy that crossed through a territory held by Russian forces, after the opening of a humanitarian corridor, at a registration center for internally displaced people, amid Russia's invasion of Ukraine, in Zaporizhzhia, Ukraine. Reuters
  • A Ukrainian soldier stands during the funeral of his father in Bucha, on the outskirts of Kyiv. AP
    A Ukrainian soldier stands during the funeral of his father in Bucha, on the outskirts of Kyiv. AP
  • Ukrainian soldiers walk on a destroyed bridge in Irpin, on the outskirts of Kyiv. AP
    Ukrainian soldiers walk on a destroyed bridge in Irpin, on the outskirts of Kyiv. AP
  • Ukrainians receive humanitarian aid organised by local volunteers in Irpin. AP
    Ukrainians receive humanitarian aid organised by local volunteers in Irpin. AP
  • Volodymyr Lukyanovych, 63, cuts wood to make a fire outside his house in Irpin. His home was destroyed by Russian shelling. AP
    Volodymyr Lukyanovych, 63, cuts wood to make a fire outside his house in Irpin. His home was destroyed by Russian shelling. AP
  • Vova, 10, and his father, Ivan Drahun, look at the grave of his mother, Maryna, during her funeral in Bucha. AP
    Vova, 10, and his father, Ivan Drahun, look at the grave of his mother, Maryna, during her funeral in Bucha. AP
  • Sergei, 11, waits his turn to receive donated food during an aid humanitarian distribution in Bucha. AP
    Sergei, 11, waits his turn to receive donated food during an aid humanitarian distribution in Bucha. AP
  • Ukrainian President Volodymyr Zelenskyy, right, and European Council President Charles Michel attend a news conference after their meeting in Kyiv. AP
    Ukrainian President Volodymyr Zelenskyy, right, and European Council President Charles Michel attend a news conference after their meeting in Kyiv. AP
  • People pay their respects during the funeral in Kyiv for Ukrainian serviceman Volodymyr Karas, who died fighting Russian troops. AP
    People pay their respects during the funeral in Kyiv for Ukrainian serviceman Volodymyr Karas, who died fighting Russian troops. AP
  • Alexandra Kusminova pets her cat, named Mouse, in a restaurant in Dnipro, Ukraine, that was transformed into a shelter for those fleeing the war. AP
    Alexandra Kusminova pets her cat, named Mouse, in a restaurant in Dnipro, Ukraine, that was transformed into a shelter for those fleeing the war. AP
  • A woman reads a book as she lays on a bed in the shelter. AP
    A woman reads a book as she lays on a bed in the shelter. AP
  • City workers repair a war-damaged road in Bucha. Getty Images
    City workers repair a war-damaged road in Bucha. Getty Images
  • The village council and police department buildings destroyed by Russian shelling in Lymany, just outside Mykolaiv, Ukraine. Getty Images
    The village council and police department buildings destroyed by Russian shelling in Lymany, just outside Mykolaiv, Ukraine. Getty Images
  • Local residents receive bottled water from a truck, since there has been no running water for more than a week in Mykolaiv. Getty Images
    Local residents receive bottled water from a truck, since there has been no running water for more than a week in Mykolaiv. Getty Images
  • A destroyed car on the road between Kyiv and Chernihiv. EPA
    A destroyed car on the road between Kyiv and Chernihiv. EPA
  • A man looks at a burned APC in Yahidne, Chernihiv. EPA
    A man looks at a burned APC in Yahidne, Chernihiv. EPA
  • A man holds part of a missile in Yahidne. EPA
    A man holds part of a missile in Yahidne. EPA
  • A resident clears up a house that was occupied by Russian soldiers in Yahidne. EPA
    A resident clears up a house that was occupied by Russian soldiers in Yahidne. EPA
  • Local youth Vladyslav, 17, inspects the basement of the school building in Yahidne. EPA
    Local youth Vladyslav, 17, inspects the basement of the school building in Yahidne. EPA
  • A local resident walks on the street in Yahidne. EPA
    A local resident walks on the street in Yahidne. EPA
  • Local residents speak on the street next to war ruins. EPA
    Local residents speak on the street next to war ruins. EPA
  • A destroyed garage in Ivanivka. EPA
    A destroyed garage in Ivanivka. EPA
  • A man looks at bombs that litter a field in Ivanivka. EPA
    A man looks at bombs that litter a field in Ivanivka. EPA
  • Natalia and her daughter climb a ladder, passing over a destroyed bridge in Kyiv. EPA
    Natalia and her daughter climb a ladder, passing over a destroyed bridge in Kyiv. EPA

Defence Secretary Ben Wallace said countries should “do more” when it comes to providing military support to Ukraine.

“The Ukrainians need, first and foremost, they need long-range artillery and artillery shells,” he said.

“They use currently Russian Soviet stocks and the calibres are different from what the West holds, so not only are we trying to help them source those calibres so that they can immediately be used, but at the same time helping them explore developing new capabilities with what would be called Nato calibres, so that if they choose to shift to that we can all help them with supply.”

The UK government said four senior officers are among those targeted in the new sanctions.

They include the commander of occupying troops in the town of Bucha, north-west of Kyiv. Hundreds of civilians were found dead after Russian forces withdrew from the town.

Sanctions have been imposed on the following key military leaders:

  • Lt Col Azatbek Omurbekov, an army commanding officer accused of involvement in the “Bucha massacre”.
  • Col Gen Andrey Serdyukov, commander of airborne forces
  • Maj Gen Valery Flyustikov, commander of special operation forces
  • Col Gen Nikolay Bogdanovsky, first deputy chief of the general staff

Also targeted are people actively supporting the invasion, including:

  • Oleg Belozyorov, chief executive and chairman of Russian Railways
  • Ilya Kiva, an expelled Ukrainian MP who has publicly supported Russia’s actions

Russian bombers have repeatedly dropped munitions on civilian infrastructure, including civil government buildings, hospitals, schools and transportation nodes, the Foreign Office said.

The UK government concluded it was intentional targeting based on the types of civilian targets struck, frequency of strikes, volume of munitions and the repeated targeting of the same locations on consecutive days.

As part of the new wave of sanctions, the UK is also fast-tracking a further 19 individuals and entities, in alignment with global partners from the G7 and the EU.

They are all linked to Russia’s military and defence capabilities and include:

  • Sergei Borisovich Korolyov, first deputy director of Russia Federal Security Service
  • Kalashnikov Concern, a Russian developer and weapons manufacturer
  • Arzamas Machine-Building Plant, where amphibious armoured personnel carriers are built
  • GTLK, which operates special equipment for Russian companies in the transport industry.

Oligarchs sanctioned by the UK - in pictures

  • The UK has sanctioned more than 1,400 individuals and businesses, including 100 oligarchs and their relatives, since Russia invaded Ukraine in February. The list of oligarchs includes: Roman Abramovich, 55. PA
    The UK has sanctioned more than 1,400 individuals and businesses, including 100 oligarchs and their relatives, since Russia invaded Ukraine in February. The list of oligarchs includes: Roman Abramovich, 55. PA
  • Katerina Tikhonova, left, and Maria Vorontsova, unseen, also known as Maria Putina, daughters of Russia President Vladimir Putin. Reuters
    Katerina Tikhonova, left, and Maria Vorontsova, unseen, also known as Maria Putina, daughters of Russia President Vladimir Putin. Reuters
  • 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. Reuters
    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. Reuters
  • Igor Sechin, 61. Officials described Mr Sechin as Mr Putin's right-hand man and the second most important person in the country. Reuters
    Igor Sechin, 61. Officials described Mr Sechin as Mr Putin's right-hand man and the second most important person in the country. Reuters
  • 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. AP Photo
    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. AP Photo
  • Alexei Miller, 60. The chief executive of energy company Gazprom, Russia's largest company and the world's biggest public energy supplier. AFP
    Alexei Miller, 60. The chief executive of energy company Gazprom, Russia's largest company and the world's biggest public energy supplier. AFP
  • Nikolai Tokarev, 71, president of the Russia state-owned pipeline company Transneft. Mr Tokarev is a former KGB officer who served with Mr Putin in East Germany towards the end of the Cold War. AP Photo
    Nikolai Tokarev, 71, president of the Russia state-owned pipeline company Transneft. Mr Tokarev is a former KGB officer who served with Mr Putin in East Germany towards the end of the Cold War. AP Photo
  • Kirill Shamalov, 39. He is Russia's youngest billionaire and the ex-husband of Mr Putin's daughter Katerina Tikhonova. Reuters
    Kirill Shamalov, 39. He is Russia's youngest billionaire and the ex-husband of Mr Putin's daughter Katerina Tikhonova. Reuters
  • 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 and chief of its foreign intelligence service. Reuters
    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 and chief of its foreign intelligence service. Reuters
  • Denis Bortnikov, 47. The deputy president of government-affiliated VTB bank. His father, Alexander Bortnikov, is head of the Federal Security Service. Getty Images
    Denis Bortnikov, 47. The deputy president of government-affiliated VTB bank. His father, Alexander Bortnikov, is head of the Federal Security Service. Getty Images
  • Yury Slyusar, 47. The director of United Aircraft Corporation, one of the major defence organisations that has also been sanctioned. Getty Images
    Yury Slyusar, 47. The director of United Aircraft Corporation, one of the major defence organisations that has also been sanctioned. Getty Images
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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.”

The bio

His favourite book - 1984 by George Orwell

His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard

Favourite place to travel to - Peloponnese, Southern Greece

Favourite movie - The Last Emperor

Favourite personality from history - Alexander the Great

Role Model - My father, Yiannis Davos

 

 

Updated: April 21, 2022, 3:04 PM