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US Secretary of State Antony Blinken accused Russia on Thursday of using food as a weapon in Ukraine by holding “hostage” the food supply for not only millions of Ukrainians, but millions around the world who rely on the country's exports.
Addressing the UN Security Council, Mr Blinken appealed to Russia to stop the blockade of Ukrainian ports.
Russia invaded Ukraine on February 24 to carry out what Moscow calls a “special military operation”.
“The Russian government seems to think that using food as a weapon will help accomplish what its invasion has not — to break the spirit of the Ukrainian people,” he said.
“The food supply for millions of Ukrainians and millions more around the world has quite literally been held hostage by the Russian military.”
The war in Ukraine has caused global prices for grains, cooking oils, fuel and fertiliser to soar.
Russia and Ukraine together account for about one third of global wheat supplies. Ukraine is also a major exporter of corn, barley, sunflower oil and rapeseed oil, while Russia and Belarus — which has backed Moscow in its war in Ukraine — account for more than 40 per cent of global exports of potash, a crop nutrient.
Russia's UN ambassador Vasily Nebenzya said it was “absolutely false” that Russia was to blame for a global food crisis that had been brewing for several years.
He accused Ukraine of holding foreign vessels in its ports and mining the waters while the Russian military has repeatedly tried to open safe corridors for vessels.
Mr Nebenzya blamed western sanctions imposed on Moscow over the Ukraine war for having a chilling effect on Russian exports of food and fertiliser.
But Mr Blinken rejected Russian claims that sanctions were fuelling the food crisis.
“The decision to weaponise food is Moscow's and Moscow's alone,” Mr Blinken said. “As a result of the Russian government's actions, some 20 million tonnes of grain sit unused in Ukrainian silos as global food supply dwindle, prices skyrocket, causing more around the world to experience food insecurity.”
UN Secretary General Antonio Guterres is trying to broker a “package deal” that will allow Ukraine to resume food exports through the Black Sea and revive Russian food and fertiliser production to world markets.
“There is enough food for everyone in the world. The issue is distribution, and it is deeply linked to the war in Ukraine,” Mr Guterres told the council on Thursday.
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
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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