Western sanctions on Russia should be adopted by a wider circle of the G20 countries, the group was told on Thursday.
Britain, meanwhile, said Russia's assault on Ukraine may well continue for another year, on the eve of the war's anniversary.
The G7 nations — the US, Canada, Britain, France, Germany, Italy and Japan — announced they would raise financial aid to Ukraine to $39 billion this year.
But they said in a joint statement that others should adopt sanctions that some G20 members — which include India, China, South Africa and Russia itself — have not.
The sanctions "must be applied not only by the G7 countries but also by the G20 countries", Italy's Economy Minister Giancarlo Giorgetti said.
"Otherwise, Russia circumvents the sanctions system and the effects risk falling short of our expectations."
In a stunt to mark the anniversary, a protest group painted Ukraine's blue-and-yellow colours on a road outside Russia's embassy in London.
The UK's Defence Secretary Ben Wallace said Russian President Vladimir Putin had shown “complete disregard” for the lives of his soldiers during the first year of the invasion.
“When someone has crossed the line and thinks it is OK to do that to your own people, running effectively a meat grinder for an army, I think he is not going to stop,” Mr Wallace told LBC radio.
Mr Wallace estimated that 188,000 Russians had been killed or injured “as a result of this catastrophic miscalculation and aggression by President Putin”.
Asked whether the world would see the war still raging in another 12 months, he said: “I think we will."
Protest group covers road outside Russian embassy in London in paint - in pictures
Talks on new western sanctions on Russia were set to resume on Thursday as the EU's 27 members negotiate a 10th package.
It would widen export bans on Russia to stop it from buying electronics, engine parts and construction equipment that could be used by the military.
The UN General Assembly will consider a call for peace — by more than 50 countries — urging Russia to withdraw its troops from Ukraine.
It comes amid differing views around the world on whether a swift end to the war would be preferable to a Russian defeat.
“A peace plan is on the table in New York: it is the Charter of the United Nations,” said German Foreign Minister Annalena Baerbock as she travelled to the US.
“What the international community is demanding could not be simpler: an end to Russian attacks, protection of civilians, respecting territorial integrity by withdrawing Russian troops, accountability for crimes that have been committed.”
Mr Putin and US President Joe Biden have used rival speeches in the week of the anniversary to push their narrative of the conflict.
While Mr Biden framed the war as a struggle for democracy and the rule of law, Mr Putin said Russia was defending itself against a hostile West.
Mr Wallace said on Thursday that the fighting in Ukraine was “not a Nato conflict” and that Nato pilots would not fly their fighter jets into Ukraine.
But he said it was possible that some allies could donate their aircraft to Ukraine's air force.
“There is already talk, I think, of an eastern European country supplying MiG-29s,” he said, referring to a type of Soviet-designed aircraft.
Spain's Prime Minister Pedro Sanchez was the latest visitor to Kyiv on Thursday, a day after the country said it would send six German-made Leopard tanks to Ukraine.
“We will stand with Ukraine and its people until peace returns to Europe,” said Mr Sanchez, who followed Mr Biden and Italian Prime Minister Giorgia Meloni in visiting Kyiv in the week of the anniversary.
Bucha, Ukraine - April 2022 and February 2023
Britain blamed the year of fighting for driving up food and fuel prices in Yemen as it announced £60 million ($72.3 million) in new humanitarian aid on Thursday.
Meanwhile, Ukraine's ambassador to Britain, Vadym Prystaiko, said his country was confident of the UK's continued support, regardless of political developments in London.
Britain has changed prime ministers twice since the war broke out, and an election expected in 2024 could bring another change of government.
Mr Prystaiko told the PA news agency that Ukrainians admired former prime minister Boris Johnson but understood that governments come and go.
Ukrainians “appreciate what has been done by the whole UK”, he said. “They do understand, they are not naive and they will appreciate whoever comes, the Conservatives, Labour.
“We might also change our system, that is the beauty of democracy, we’re OK with that.”
One year of the Russia-Ukraine war — in pictures
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Harry%20%26%20Meghan
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ELiz%20Garbus%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Duke%20and%20Duchess%20of%20Sussex%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Results
1. Lewis Hamilton (Mercedes) 1hr 32mins 03.897sec
2. Max Verstappen (Red Bull-Honda) at 0.745s
3. Valtteri Bottas (Mercedes) 37.383s
4. Lando Norris (McLaren) 46.466s
5.Sergio Perez (Red Bull-Honda) 52.047s
6. Charles Leclerc (Ferrari) 59.090s
7. Daniel Ricciardo (McLaren) 1:06.004
8. Carlos Sainz Jr (Ferrari) 1:07.100
9. Yuki Tsunoda (AlphaTauri-Honda) 1:25.692
10. Lance Stroll (Aston Martin-Mercedes) 1:26.713,
RESULT
Valencia 3
Kevin Gameiro 21', 51'
Ferran Torres 67'
Atlanta 4
Josip Llicic 3' (P), 43' (P), 71', 82'
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.”
UAE currency: the story behind the money in your pockets
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m