Russia has deployed nearly all staged forces in Ukraine, Pentagon says

Live updates: follow the latest news on Russia-Ukraine

Russia has deployed almost all of its combat power that had been staged on the border with Ukraine, the US Department of Defence said on Monday, as the war approaches its third week.

A senior US defence official told reporters that "[Russian President Vladimir] Putin has committed nearly 100 per cent of his combat power in Ukraine".

The US has been tracking the deployment of Russian troops to the border since December and estimated a force of more than 150,000 had been stationed to the east of Ukraine and about 30,000 had been sent to Belarus.

But despite a high number of casualties reported on the Russian side, the US is not seeing indications Mr Putin will send in additional troops.

“We have not seen new indications that they [Russians] are preparing to move additional battalion tactical groups from elsewhere the country to shore up what they put in the Ukraine,” the official said.

The Pentagon estimates Russia has launched more than 625 missiles of different ranges inside Ukraine, including surface-to-air and cruise missiles.

The official noted an increase in the bombardment of civilian targets, including infrastructure and residential areas in the country.

He said this is “all the more evidence of the reckless nature” of Russia's aggression, but did not confirm whether the strikes were believed to be deliberate or “simply the result of imprecision".

Despite the heavier bombardment, the movement of Russian forces appears to have stalled outside the Ukrainian capital.

“There is fighting in Kyiv, they continue to bombard it. But we still believe that the main advance is still stalled outside the city,” the official said.

He pointed to stiff resistance by the Ukrainians, reiterating that the country's airspace remains contested.

Asked about a Wall Street Journal report claiming Russia is recruiting fighters from Syria to help in Ukraine, the US defence official said it’s “accurate”.

“We find that noteworthy that [Mr Putin] believes he needs to rely on foreign fighters to supplement what is a very significant commitment of combat power inside Ukraine as it is.”

The US official said US Secretary of Defence Lloyd Austin has authorised sending 500 additional troops to Europe to support Nato operations.

The US is also dispatching a KC-135 refuelling aircraft to Greece and air operations support teams to Poland and Romania.

US soldiers practise firing FIM-92 Stinger missiles. Photo: US Army
A Mexican soldier with a Russian-made SA-18 anti-aircraft missile launcher in 2011. AFP
A Ukrainian soldier takes part in an exercise using NLAW anti-aircraft missiles close to the city of Lviv. The UK has delivered 2,000 NLAWs to Ukraine. AP
Undated handout photo issued by the Ministry of Defence (MOD) of a Starstreak HVM (High Velocity Missile) surface-to-air missile system on display.
Soldiers in Ukraine launch US Javelin missiles during a military exercise. AP
German troops hold Panzerfaust 3 anti-tank weapons in a demonstration in Munster. Getty Images
A US Marine fires a M72 light anti-armour weapon during an exercise in Camp Fuji, Japan. Alamy
A Hezbollah militant aiming a Kornet anti-tank guided missile in southern Lebanon. AFP
Ukrainian soldiers with Stugna-P anti-tank weapons during a military exhibition in 2018. Getty Images

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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

The Details

Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
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Scoreline

Syria 1-1 Australia

Syria Al Somah 85'

Australia Kruse 40'

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

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.”

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.