US President Joe Biden told Russian leader Vladimir Putin on Tuesday that the west is concerned Russia will invade Ukraine and warned of "strong economic and other measures" as punishment should Moscow start a military conflict, the White House said.
The men spoke in a a two-hour video call, marking their fourth direct conversation this year, following two calls and one summit in Geneva that was itself prompted by a Russian troop buildup near Ukraine.
The US president reiterated his administration's support for Ukraine’s sovereignty and territorial integrity and called for de-escalation.
From the White House, US National Security Adviser Jake Sullivan said that Mr Biden was “direct and straightforward,” during the call.
“He told President Putin directly that if Russia invades Ukraine, the United States and our European allies would respond with strong economic measures, we would provide additional defensive material to the Ukrainians, above and beyond that we are already providing, and we would fortify our Nato allies on the eastern flank with additional capabilities in response to such an escalation,” Mr Sullivan said.
The Kremlin has denied harbouring any intention to attack Ukraine and has said its troop posture is defensive.
But US officials say their intelligence suggests Russia has drafted a plan for a military offensive against Ukraine in early 2022, involving as many as 175,000 personnel along with armour, artillery and other equipment.
US intelligence has also detected an uptick in Russian propaganda targeting Ukraine, fuelling speculation the Kremlin is readying an attack, according to a Biden administration official who requested anonymity to detail the intelligence assessments.
Mr Sullivan added that the US and its allies would respond more harshly than in 2014, when Russia previously invaded and annexed Crimea.
“President Biden looked President Putin in the eye and told him today that things we did not do in 2014, we are prepared to do now.”
But he said Mr Biden also offered Mr Putin a path for de-escalation by engaging in a discussion with the US, the Europeans and Ukrainians that could address Russia’s strategic concerns. The goal of such talks would be to reach a ceasefire and implement confidence building measures in line with the Minsk agreement.
“We managed to do this at the height of the Cold War. We developed mechanisms to help reduce instability and increased transparency…there is no reason we can't do that going forward," said Mr Sullivan.
In that context, Mr Sullivan said the Biden-Putin call “was a lot of give and take, there was no finger wagging but the president was crystal clear about where the United States stands on all of these issues.”
He said there is no substitute for direct dialogue including with Russia.
Asked if Mr Biden is committed to re-opening some of Russia’s closed diplomatic missions in the US or expand its embassy presence, Mr Sullivan said the ideas were discussed but without any commitment.
“President Biden is open to creating functioning diplomatic missions in both countries, but he didn't make any specific commitments,” he said.
A Russian invasion would likely stop Germany's plans to launch the Nordstream 2 gas pipeline with Russia.
“If Vladimir Putin wants to see gas flow through that pipeline, he may not want to take the risk of invading Ukraine," Mr Sullivan said.
The White House said Mr Biden spoke with the leaders of France, Britain, Germany, Italy after his call with Mr Putin was complete.
According to Britain's Downing Street, the leaders “underlined the importance of Russia ceasing their threatening behaviour towards Ukraine” during the call.
“They agreed on the need for ongoing dialogue with Russia to encourage this outcome,” a spokeswoman said.
“The leaders agreed to stay in close contact and to co-ordinate their approaches to this issue.”
It follows Boris Johnson telling allies on Monday that the UK would “continue to use all the economic and diplomatic tools at its disposal” to prevent any Russian aggression against Kiev.
Meanwhile, testifying at a hearing in the Senate, Undersecretary of State for Political Affairs Victoria Nuland said the consequences would be “severe" on Russia if it invades Ukraine.
“It is hard to comprehend why at a time when Russia itself has one of the highest rates of Covid-19 around the world and the Russian people are suffering in other ways, who would want to spend the money in the Russian treasury, hundreds of millions of rubles on a war nobody needs with Ukraine,” she said.
Ms Nuland described the Ukrainians as tough.
“They will not stand by should President Putin order his forces into Ukraine ... I think the Russians will have a very big fight on their hands, that there will be severe casualties for them,” she said.
The Kremlin says it doesn’t intend to invade, and accuses the US and its allies of expanding their military infrastructure into Ukraine in a way that Russia sees as threatening.
Before the talks, Kremlin spokesman Dmitry Peskov declined to comment on the reports of planned sanctions, saying the “emotional statements” of recent days wouldn’t affect the talks.
“It’s obvious that if the presidents are having this conversation, they intend to discuss the issues and not drive things into a dead end,” Mr Peskov said on a conference call with reporters on Tuesday, while warning against expecting breakthroughs.
Before the call, the Kremlin said Mr Putin would push his proposal for legally binding security guarantees that Nato wouldn’t expand further eastward and wouldn’t deploy offensive weapons in the region. White House Press Secretary Jen Psaki has said that Mr Putin has no say in Nato's membership.
The White House said the two leaders also discussed the US-Russia dialogue on strategic stability, cybersecurity, as well as joint work on regional issues such as Iran.
Agencies contributed to this report
TCL INFO
Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
When December 14-17
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.”
Company%20profile
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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
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%203S%20Money%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20London%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ivan%20Zhiznevsky%2C%20Eugene%20Dugaev%20and%20Andrei%20Dikouchine%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%245.6%20million%20raised%20in%20total%3C%2Fp%3E%0A
THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
The Bio
Ram Buxani earned a salary of 125 rupees per month in 1959
Indian currency was then legal tender in the Trucial States.
He received the wages plus food, accommodation, a haircut and cinema ticket twice a month and actuals for shaving and laundry expenses
Buxani followed in his father’s footsteps when he applied for a job overseas
His father Jivat Ram worked in general merchandize store in Gibraltar and the Canary Islands in the early 1930s
Buxani grew the UAE business over several sectors from retail to financial services but is attached to the original textile business
He talks in detail about natural fibres, the texture of cloth, mirrorwork and embroidery
Buxani lives by a simple philosophy – do good to all
Results
- Brock Lesnar retained the WWE Universal title against Roman Reigns
- Braun Strowman and Nicolas won the Raw Tag Team titles against Sheamus and Cesaro
- AJ Styles retained the WWE World Heavyweight title against Shinsuke Nakamura
- Nia Jax won the Raw Women’s title against Alexa Bliss
- Daniel Bryan and Shane McMahon beat Kevin Owens and Sami Zayn
- The Undertaker beat John Cena
- The Bludgeon Brothers won the SmackDown Tag Team titles against the Usos and New Day
- Ronda Rousey and Kurt Angle beat Triple H and Stephanie McMahon
- Jinder Mahal won the United States title against Randy Orton, Rusev and Bobby Roode
- Charlotte retained the SmackDown Women’s title against Asuka
- Seth Rollins won the Intercontinental title against The Miz and Finn Balor
- Naomi won the first WrestleMania Women’s Battle Royal
- Cedric Alexander won the vacant Cruiserweight title against Mustafa Ali
- Matt Hardy won the Andre the Giant Battle Royal
List of UAE medal winners
Gold
Faisal Al Ketbi (Open weight and 94kg)
Talib Al Kirbi (69kg)
Omar Al Fadhli (56kg)
Silver
Zayed Al Kaabi (94kg)
Khalfan Belhol (85kg)
Zayed Al Mansoori (62kg)
Mouza Al Shamsi (49kg women)
Bronze
Yahia Mansour Al Hammadi (Open and 94kg)
Saood Al Hammadi (77kg)
Said Al Mazroui (62kg)
Obaid Al Nuaimi (56kg)
Bashayer Al Matrooshi (62kg women)
Reem Abdulkareem (45kg women)
RACECARD
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%E2%80%98FSO%20Safer%E2%80%99%20-%20a%20ticking%20bomb
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Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda