Russian Foreign Minister Sergey Lavrov on Tuesday said that the Black Sea grain initiative has reached a deadlock.
Speaking at a news conference at UN headquarters in New York, Mr Lavrov told reporters the situation has not been resolved and has been “brought to a dead end by western colleagues”.
The deal allows for the reopening of blockaded Black Sea ports, with Russia allowed to inspect cargo, and permits Ukraine to export wheat, corn, sunflower oil and other agricultural products across the globe, despite the ongoing war.
It is set to expire on May 18.
Mr Lavrov confirmed that UN Secretary General Antonio Guterres had conveyed a letter to President Vladimir Putin regarding the grain deal and said there would be a response in due course.
The UN chief’s letter outlines a “proposed way forward” aimed at the improvement, extension and expansion of the initiative, “taking into account positions recently expressed by the parties and the risks posed by global food insecurity”.
A similar letter was sent to the two other signatories to the agreement, Ukraine and Turkey, according to the UN.
The grain deal was brokered by the UN and Turkey last year amid rising prices and fears over global food security.
Last month, the deal was extended for a second time, but Moscow agreed to extend it for only 60 days instead of the proposed 120 days.
The Black Sea grain initiative has, since last July, allowed the export of about 28 million metric tonnes of Ukrainian grain, in particular to poor countries bearing the brunt of the global food crisis.
On April 13, the Russian Ministry of Foreign Affairs said that Moscow sees no possibility to extend the grain deal beyond May 18 unless “five systemic problems” are resolved.
These include the reconnection of the Russian Agricultural Bank Rosselkhozbank to the Swift banking system as well as the resumption of supplies of agricultural machinery, spare parts and services to Russia.
Russia has also demanded the lifting of restrictions on insurance of Russian vessels carrying grain and lifting the ban on their access to European ports; the restoration of operation of the Tolyatti-Odesa ammonia pipeline; and the unblocking of foreign assets and accounts of Russian companies involved in the production and transport of food and fertilisers.
Oleg Ignatov, Crisis Group's senior analyst for Russia, told The National that the likelihood that Moscow will refuse to extend the grain deal after May 18 now looks “quite high”.
“The collapse of the deal, of course, would be bad in that it would end a successful format where Russians and Ukrainians could talk to each other,” said Mr Ignatov.
“This is not positive in the context of the prospect of negotiations between Kyiv and Moscow.”
When asked why Russia agreed to the deal in the first place, Mr Ignatov said Moscow had hoped to use the deal as a precedent for easing sanctions and revising the West's policy towards it.
From the onset, said Mr Ignatov, the Kremlin had the impression that the deal was “more in Ukraine's interests”.
“This was reinforced by the fact that the sanctions were never eased. Now the Kremlin thinks that Russia never got anything out of the deal.”
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
MATCH INFO
What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
More coverage from the Future Forum
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs: 2017 Dodge Viper SRT
Price, base / as tested Dh460,000
Engine 8.4L V10
Transmission Six-speed manual
Power 645hp @ 6,200rpm
Torque 813Nm @ 5,000rpm
Fuel economy, combined 16.8L / 100km