Live updates: follow the latest news on Russia-Ukraine
US President Joe Biden on Tuesday announced a ban on imports of Russian oil in his administration's latest effort to punish Russia over its invasion of Ukraine.
The ban will also be applied to Russian liquefied natural gas and coal.
“The United States is targeting the main artery of Russian economy,” Mr Biden said.
“We will not be part of subsidising [Russian President Vladimir] Putin’s war.”
The Biden administration has faced growing pressure from Ukrainian President Volodymr Zelenskyy to do more to combat Russian aggression.
While the US has imposed severe sanctions on Russia since it launched its assault on Ukraine last week, the Biden administration's hesitancy to ban oil imports has been a glaring omission.
Republican and Democratic members of Congress have also urged the White House impose bans on Russian oil and gas.
In enacting the ban, Washington will be acting in close consultation with its European allies, which are more dependent on Russian energy supplies.
The EU this week announced in would commit to decreasing its dependence on Russia for its energy needs.
“It's a day we remain united … in our purpose to keep pressure mounting on Putin and his war machine,” Mr Biden said.
The UK government announced in would phase out the import of Russian oil by the end of 2022, saying it would turn to “reliable partners”, including those in the Gulf, to secure further supplies.
We will not be part of subsidising Putin’s war
US President Joe Biden
But in his remarks, Mr Biden said the ban would come at a cost for Americans.
“Defending freedom is going to cost,” he said.
Tuesday's announcement comes as US petrol prices reached a record high of $4.17 per gallon, the American Automobile Association reported.
Oil prices surged past $130 per barrel on Tuesday, the highest level since 2008.
Western energy companies — including BP, ExxonMobil and Shell — have already moved to cut ties with Russia and limit imports.
Banning Russian oil has created conflict for the president and his administration, which is already battling soaring inflation, as the ban is likely to increase prices at the pump.
While soaring petrol prices could hurt Mr Biden and his Democratic party in the midterm elections in November, the ban has drawn popular support.
More than 70 per cent of Americans would support a ban on Russian oil even if it means higher petrol prices, a Quinnipiac poll showed.
And a bipartisan group of senators last week introduced a bill to ban Russian oil imports, with House Speaker Nancy Pelosi telling Democratic colleagues on Sunday that the lower chamber is “currently exploring strong legislation that will further isolate Russia from the global economy".
“Ban it,” Ms Pelosi said when asked about the idea last week.
Members of Congress on Monday announced that they had reached a deal on a bill that would ban Russian oil imports and impose further sanctions on the country. The announcement was removed because of pushback from the White House as Mr Biden had already made his decision, The Associated Press reported.
Regardless, Ms Pelosi reportedly told her Democratic colleagues on Tuesday that the House of Representatives would press forward with a vote on the legislation.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
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.”
On racial profiling at airports
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Company%C2%A0profile
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
