Trevor Reed, former US marine, freed in US-Russia prisoner swap


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The US and Russia have swapped two prisoners amid their most tense relations in decades over the war in Ukraine, with former US marine Trevor Reed released in exchange for Russian pilot Konstantin Yaroshenko.

US President Joe Biden welcomed Mr Reed's release on Wednesday but Washington stressed that the swap does not signal any change in US views towards Moscow.

“This is a discrete issue on which we were able to make arrangements with the Russians,” a senior US official told reporters.

“It represents no change, zero, to our approach to the appalling violence in Ukraine.”

Moscow said it had exchanged Mr Reed for Russian pilot Konstantin Yaroshenko, who was convicted of drug smuggling in the US.

State Department spokesman Ned Price said later on CNN that diplomatic talks with Russia on Ukraine were "at a dead end" despite the releases.

US officials said Mr Reed was on his way home after being in a Russian prison since 2019.

“We welcome home Trevor Reed and celebrate his return to the family that missed him dearly,” Mr Biden said in a statement.

“The negotiations that allowed us to bring Trevor home required difficult decisions that I do not take lightly.”

Even on Wednesday, his parents’ joy was mitigated by the concern they said they felt about his physical appearance.

They were struck by his unsteady gait and how thin he looked as TV footage captured him walking, flanked by guards, from a van to the jet.

“He just didn’t sound like himself,” said Mr Reed’s mother, Paula, recounting their brief phone conversation while he was on the plane, according to the AP.

“We just asked him how he was doing and he said, ‘I’m fine.’ But he always says that even when he isn’t. And he just didn’t sound like his normal self.”

Mr Price said Mr Reed's condition required "urgent treatment."

Russian news agencies reported on April 4 that Mr Reed had ended a hunger strike and was being treated in his prison's medical centre. The prison service said Mr Reed had gone on hunger strike on March 28 to protest disciplinary action against him.

Mr Reed's parents said at the time he had been exposed to an inmate with active tuberculosis in December, but their son had not been tested for the illness despite a rapid deterioration in his health.

The prison service said at the time he had repeatedly tested negative for tuberculosis and had not come into contact with anyone infected.

Mr Biden and Secretary of State Antony Blinken said they were working to free another US citizen held in Russia, Paul Whelan, also a former Marine.

Mr Whelan's family welcomed the release of Mr Reed, however they expressed concern that it "narrowed" the options left for the 52-year-old to be released.

"I think it makes it trickier, frankly, for Paul," his brother, David Whelan, told The National. "The Biden administration has defined the currency for an American citizen being wrongfully detained in Russia and that's Mr Yaroshenko."

Mr Biden said that his administration “won't stop until Paul Whelan and others join Trevor in the loving arms of family and friends".

Mr Whelan was sentenced to 16 years in prison in 2020 on espionage charges that his family and the US claim are false.

Secretary of State Antony Blinken welcomed Mr Reed's release from “wrongful detention".

Images released by Russian state TV showed Mr Reed — dressed all in black and carrying a large bag — being escorted on to a plane at Moscow's Vnukovo International Airport by men in military uniform, Reuters reported.

A second senior US official said Mr Reed was “clearly in good spirits, but you’ll understand he’s had a difficult couple of years".

Mr Reed, a student and former marine from Texas, was in July 2020 sentenced to nine years in prison by a Russian court after allegedly attacking police officers while intoxicated.

Russian pilot Konstantin Yaroshenko was arrested in Liberia in 2010 for drug trafficking. He was then transferred to the US, where he was sentenced to 20 years in prison in September 2011.

“I want to emphasise here that this was a commutation of his sentence,” the first US official said of the pilot's case.

“The action in no way undermines or diminishes the import of the finding of his guilt.”

Women’s basketball star Britney Griner was detained at a Moscow airport in February for reportedly carrying several cannabis oil vape cartridges.

WNBA Commissioner Cathy Engelbert told reporters this month that the league is “doing everything we can” to bring the Phoenix Mercury star home.

Griner is scheduled to make a court appearance on May 19 and could face up to 10 years in a Russian prison if convicted.

Mr Whelan is currently being held in a Russian labour camp.

A resolution sponsored by Haley M Stevens, a US congresswoman from Michigan, and co-sponsored by 41 other members of Congress implores Russia to present credible evidence of wrongdoing against Mr Whelan or release him immediately.

It also calls on Russia to provide unrestricted consular access to him to ensure his rights are being respected.

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.”

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They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi

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Updated: April 27, 2022, 10:11 PM