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Trevor Reed, a former US marine who spent 985 days in Russian detention on charges of reportedly assaulting police officers, was released in a prisoner exchange on Wednesday.
Mr Reed, from Fort Worth, Texas, had been sentenced to nine years in prison following an incident that allegedly occurred while he was visiting his girlfriend and taking Russian classes in Moscow in 2019.
On August 15, Mr Reed and his girlfriend, Alina Tsybulink, went to a party, where he became intoxicated. As the couple were driven home, Mr Reed asked the driver to pull the car over, Ms Tsybulink told Radio Free Europe.
Ms Tsybulink’s friends called the police hoping they could help take care of Mr Reed. After police arrived, the former marine was arrested.
His family said his case was filled with inconsistencies and changing narratives from the very beginning and the US ambassador to Russia, John Sullivan, called the case “absurd".
While in custody, Mr Reed’s health suffered. He contracted Covid-19 in May 2021 and was exposed to tuberculosis in February of this year.
In November, he went on a hunger strike to protest his treatment and detention.
His parents, Joey and Paula Reed, worked tirelessly to rally international support for their son.
“For the past 985 days, Trevor has been wrongfully detained for a ‘crime’ the US ambassador to Russia has said obviously did not occur and our family has been living a nightmare,” the Reed family said in a statement.
Mr Reed was exchanged for a Russian pilot, Konstantin Yaroshenko, who was arrested in Liberia in 2010 for drug trafficking and transferred to the US, where he was sentenced to 20 years in prison in September 2011.
His release comes amid historic tension between Washington and Moscow over Russia's invasion of Ukraine. The US has stressed that the swap does not signal any change in Washington's views towards Moscow.
Americans who remain detained in Russia
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.
Former US marine Paul Whelan was arrested in 2018 on espionage charges, which he has consistently denied. A Russian court sentenced him to 16 years in prison in a trial that has been denounced by the US.
He is currently being held in a Russian labour camp.
Mr Whelan's family called Mr Reed's release "bittersweet." His twin brother, David, said the family was thrilled that Mr Reed was on his way home, but were concerned what it meant for the 52-year-old from Michigan.
"In Paul's case, not only is Mr Yaroshenko no longer a concession the US government can make but Mr Boot, the Merchant of Death, which is another prisoner that the Russian government has been trying to get back, is clearly a bridge too far for the American government," Mr Whelan told The National.
,"And so now we sort of have concessions that have been moved off the table."
Mr Whelan said it limits the options the US government has to bring his brother home.
He said his brother was "frustrated" over not having been included in the swap and asked their parents: 'Why am I being left behind?'
A resolution sponsored by Haley M Stevens, a US representative 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.
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
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
SM Town Live is on Friday, April 6 at Autism Rocks Arena, Dubai. Tickets are Dh375 at www.platinumlist.net
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THE SPECS
2020 Toyota Corolla Hybrid LE
Engine: 1.8 litre combined with 16-volt electric motors
Transmission: Automatic with manual shifting mode
Power: 121hp
Torque: 142Nm
Price: Dh95,900
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
The five pillars of Islam
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.”
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
The biog
Name: Shamsa Hassan Safar
Nationality: Emirati
Education: Degree in emergency medical services at Higher Colleges of Technology
Favourite book: Between two hearts- Arabic novels
Favourite music: Mohammed Abdu and modern Arabic songs
Favourite way to spend time off: Family visits and spending time with friends
