A Ukrainian soldier rides in a tank near the frontline town of Vuhledar. Reuters
A Ukrainian soldier rides in a tank near the frontline town of Vuhledar. Reuters
A Ukrainian soldier rides in a tank near the frontline town of Vuhledar. Reuters
A Ukrainian soldier rides in a tank near the frontline town of Vuhledar. Reuters

G20 urged to adopt West's sanctions on Russia over Ukraine


Tim Stickings
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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

  • The protest group Led by Donkeys has spread paint in the colours of the Ukrainian flag on the road outside the Russian embassy in London. All photos: Reuters
    The protest group Led by Donkeys has spread paint in the colours of the Ukrainian flag on the road outside the Russian embassy in London. All photos: Reuters
  • A police officer on the painted road
    A police officer on the painted road
  • A member of Led by Donkeys holds a sign warning drivers to travel slowly over the paint
    A member of Led by Donkeys holds a sign warning drivers to travel slowly over the paint
  • A van driver argues with protesters
    A van driver argues with protesters
  • The group used wheelbarrows to pour the paint
    The group used wheelbarrows to pour the paint
  • Passersby take pictures of the protest with their phones
    Passersby take pictures of the protest with their phones
  • The protest took place on the eve of the first anniversary of Russia's invasion of Ukraine
    The protest took place on the eve of the first anniversary of Russia's invasion of Ukraine

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.”

Russian President Vladimir Putin is unlikely to call off his invasion, Britain's Defence Secretary said. AFP
Russian President Vladimir Putin is unlikely to call off his invasion, Britain's Defence Secretary said. AFP

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

  • February 24 will be a year since Russia started the Ukraine war. The National picks out the most powerful images from the conflict. AFP
    February 24 will be a year since Russia started the Ukraine war. The National picks out the most powerful images from the conflict. AFP
  • A member of Ukraine's 79th Air Assault Brigade fires a rocket-propelled grenade at Russian positions near Marinka in February. Reuters
    A member of Ukraine's 79th Air Assault Brigade fires a rocket-propelled grenade at Russian positions near Marinka in February. Reuters
  • Ukrainian President Volodymyr Zelenskyy addresses MPs in Westminster Hall, London, in February 2023. Getty Images
    Ukrainian President Volodymyr Zelenskyy addresses MPs in Westminster Hall, London, in February 2023. Getty Images
  • Destroyed buildings 32km west of the front lines in Donetsk in January. Getty Images
    Destroyed buildings 32km west of the front lines in Donetsk in January. Getty Images
  • An anti-aircraft gun in January fires at Russian positions near Bakhmut, Donetsk. Reuters
    An anti-aircraft gun in January fires at Russian positions near Bakhmut, Donetsk. Reuters
  • Destruction in the village of Bohorodychne, Donetsk. AFP
    Destruction in the village of Bohorodychne, Donetsk. AFP
  • A Ukrainian artilleryman discards an empty shell on the outskirts of Bakhmut, eastern Ukraine, in December 2022. AFP
    A Ukrainian artilleryman discards an empty shell on the outskirts of Bakhmut, eastern Ukraine, in December 2022. AFP
  • Children receive presents from a Ukrainian soldier dressed as Santa on Christmas Eve in Sloviansk. Getty Images
    Children receive presents from a Ukrainian soldier dressed as Santa on Christmas Eve in Sloviansk. Getty Images
  • More than 1,000 missiles and rockets fired by Russian forces collected for cataloguing in Kharkiv in December 2022. Getty Images
    More than 1,000 missiles and rockets fired by Russian forces collected for cataloguing in Kharkiv in December 2022. Getty Images
  • The Metro provides shelter as Russia launches another missile attack on Kyiv, Ukraine's capital, in December 2022. Getty Images
    The Metro provides shelter as Russia launches another missile attack on Kyiv, Ukraine's capital, in December 2022. Getty Images
  • Children at a PE class in Kyiv after Russia abandoned its attempt to seize the capital in November 2022. Getty Images
    Children at a PE class in Kyiv after Russia abandoned its attempt to seize the capital in November 2022. Getty Images
  • A sniper searches for Russian positions on the bank of the Dnipro river in Kherson in November 2022. Getty Images
    A sniper searches for Russian positions on the bank of the Dnipro river in Kherson in November 2022. Getty Images
  • Graffiti by Banksy on a wall among the debris in Borodyanka in November 2022. Getty Images
    Graffiti by Banksy on a wall among the debris in Borodyanka in November 2022. Getty Images
  • Ukrainian flags flutter around graves in a cemetery for soldiers killed in action in Kharkiv in October 2022. Getty Images
    Ukrainian flags flutter around graves in a cemetery for soldiers killed in action in Kharkiv in October 2022. Getty Images
  • Parts of a drone, which Ukrainian authorities said was Iranian-made, after a Russian strike in Kyiv in October 2022. Reuters
    Parts of a drone, which Ukrainian authorities said was Iranian-made, after a Russian strike in Kyiv in October 2022. Reuters
  • An elderly woman is helped across a damaged bridge in Bakhmut in October 2022. Getty Images
    An elderly woman is helped across a damaged bridge in Bakhmut in October 2022. Getty Images
  • Fuel tanks ablaze on damaged sections of the Kerch bridge in Crimea, in October 2022. Reuters
    Fuel tanks ablaze on damaged sections of the Kerch bridge in Crimea, in October 2022. Reuters
  • A destroyed bridge makes crossing the Donets river difficult, in Staryi Saltiv, east of Kharkiv, in September 2022. AFP
    A destroyed bridge makes crossing the Donets river difficult, in Staryi Saltiv, east of Kharkiv, in September 2022. AFP
  • Firefighters at a thermal power plant in Kharkiv damaged by a Russian missile strike in September 2022. Reuters
    Firefighters at a thermal power plant in Kharkiv damaged by a Russian missile strike in September 2022. Reuters
  • Ukrainian soldier Oleksandr with his daughter Nikole at Lviv railway station in August 2022. Getty Images
    Ukrainian soldier Oleksandr with his daughter Nikole at Lviv railway station in August 2022. Getty Images
  • Ukrainian President Volodymyr Zelenskyy and then-British prime minister Boris Johnson read a plaque in Kyiv in August 2022 dedicated to the latter for his support. Getty Images
    Ukrainian President Volodymyr Zelenskyy and then-British prime minister Boris Johnson read a plaque in Kyiv in August 2022 dedicated to the latter for his support. Getty Images
  • Destroyed Russian military equipment on Khreshchatyk street in Kyiv. The materiel was turned into an open-air military museum ahead of Ukraine's Independence Day on August 24. AFP
    Destroyed Russian military equipment on Khreshchatyk street in Kyiv. The materiel was turned into an open-air military museum ahead of Ukraine's Independence Day on August 24. AFP
  • Shakhtar Donetsk v Metalist Kharkiv kicks off the Ukrainian Premier League season in August 2022 amid fears of bomb and missile alerts. EPA
    Shakhtar Donetsk v Metalist Kharkiv kicks off the Ukrainian Premier League season in August 2022 amid fears of bomb and missile alerts. EPA
  • Ukrainian servicemen fire an American-made 155mm M777 howitzer in July 2022 in the Kharkiv area. EPA
    Ukrainian servicemen fire an American-made 155mm M777 howitzer in July 2022 in the Kharkiv area. EPA
  • A bomb crater on the Antonovsky bridge across the Dnipro river in Kherson, July 2022. AFP
    A bomb crater on the Antonovsky bridge across the Dnipro river in Kherson, July 2022. AFP
  • Maksym and Andrii with plastic guns at a 'checkpoint' they set up while playing in Kharkiv, July 2022. AP
    Maksym and Andrii with plastic guns at a 'checkpoint' they set up while playing in Kharkiv, July 2022. AP
  • Ukrainian troops on Snake Island in June 2022. Reuters
    Ukrainian troops on Snake Island in June 2022. Reuters
  • A woman evacuated from an area of conflict in June 2022 contemplates what the next move might be. AP
    A woman evacuated from an area of conflict in June 2022 contemplates what the next move might be. AP
  • Romanian President Klaus Iohannis, Italian Prime Minister Mario Draghi, Ukrainian President Volodymyr Zelenskyy, French President Emmanuel Macron and German Chancellor Olaf Scholz in Kyiv in June 2022. Getty Images
    Romanian President Klaus Iohannis, Italian Prime Minister Mario Draghi, Ukrainian President Volodymyr Zelenskyy, French President Emmanuel Macron and German Chancellor Olaf Scholz in Kyiv in June 2022. Getty Images
  • Graves in Irpin cemetery, May 2022. Getty Images
    Graves in Irpin cemetery, May 2022. Getty Images
  • A Ukrainian soldier trapped within the besieged Azovstal Iron and Steel Works complex in Mariupol in May 2022. Reuters
    A Ukrainian soldier trapped within the besieged Azovstal Iron and Steel Works complex in Mariupol in May 2022. Reuters
  • The wreckage of a Russian helicopter in a bomb-cratered field in Biskvitne, May 2022. Getty Images
    The wreckage of a Russian helicopter in a bomb-cratered field in Biskvitne, May 2022. Getty Images
  • A Ukrainian army officer inspects a grain warehouse shelled by Russian forces in May 2022 near Novovorontsovka, Kherson. Getty Images
    A Ukrainian army officer inspects a grain warehouse shelled by Russian forces in May 2022 near Novovorontsovka, Kherson. Getty Images
  • A boy from Mariupol arriving at an evacuation point in Zaporizhzhia in May 2022. Getty Images
    A boy from Mariupol arriving at an evacuation point in Zaporizhzhia in May 2022. Getty Images
  • A Russian serviceman on guard outside Zaporizhzhia nuclear power station in May 2022. AFP
    A Russian serviceman on guard outside Zaporizhzhia nuclear power station in May 2022. AFP
  • Oksana searches for salvageable items on the destroyed second floor of her home in Hostomel, April 2022. Getty Images
    Oksana searches for salvageable items on the destroyed second floor of her home in Hostomel, April 2022. Getty Images
  • A floral memorial wall in Lviv for Ukrainian civilians killed during the Russian invasion, April 2022. Getty Images
    A floral memorial wall in Lviv for Ukrainian civilians killed during the Russian invasion, April 2022. Getty Images
  • People fleeing Lviv, eastern Ukraine, in April 2022, wait for a bus that will take them to Poland. Getty Images
    People fleeing Lviv, eastern Ukraine, in April 2022, wait for a bus that will take them to Poland. Getty Images
  • A Russian soldier patrols a bombed Mariupol theatre in April 2022, as Moscow intensified its campaign to take the strategic port city. AFP
    A Russian soldier patrols a bombed Mariupol theatre in April 2022, as Moscow intensified its campaign to take the strategic port city. AFP
  • A Ukrainian celebrates success in Hostomel in April 2022. Getty Images
    A Ukrainian celebrates success in Hostomel in April 2022. Getty Images
  • Julia Palovskaya reads to children during an air raid drill in the basement shelter at a preschool in Lviv, April 2022. Getty Images
    Julia Palovskaya reads to children during an air raid drill in the basement shelter at a preschool in Lviv, April 2022. Getty Images
  • Volodymyr Zelenskyy in Bucha in April 2022, where hundreds of bodies were found in the street and it was claimed the Russian leadership was responsible for killing civilians. AFP
    Volodymyr Zelenskyy in Bucha in April 2022, where hundreds of bodies were found in the street and it was claimed the Russian leadership was responsible for killing civilians. AFP
  • Oleh Smolin, 23, who suffered leg injuries from Russian shelling in April 2022, in hospital in Chuhuiv. Getty Images
    Oleh Smolin, 23, who suffered leg injuries from Russian shelling in April 2022, in hospital in Chuhuiv. Getty Images
  • Fleeing refugees arrive at the border train station of Zahony, Hungary, in March 2022. Getty Images
    Fleeing refugees arrive at the border train station of Zahony, Hungary, in March 2022. Getty Images
  • A father says goodbye to his daughter on an evacuation train about to leave Odesa in March 2022. AFP
    A father says goodbye to his daughter on an evacuation train about to leave Odesa in March 2022. AFP
  • Ukrainians under a destroyed bridge as they try to cross the Irpin river on the outskirts of Kyiv in March 2022. AP
    Ukrainians under a destroyed bridge as they try to cross the Irpin river on the outskirts of Kyiv in March 2022. AP
  • People cram into Kyiv station to catch trains to Poland or to western parts of Ukraine, shortly after the initial invasion in February 2022. Getty Images
    People cram into Kyiv station to catch trains to Poland or to western parts of Ukraine, shortly after the initial invasion in February 2022. Getty Images
  • A demonstration in support of Ukraine in Trafalgar Square, London, February 2022 . Getty Images
    A demonstration in support of Ukraine in Trafalgar Square, London, February 2022 . Getty Images
  • Russian army vehicles in Armyansk, Crimea, in February 2022. AFP
    Russian army vehicles in Armyansk, Crimea, in February 2022. AFP
  • Volodymyr Zelenskyy in Kyiv on February 25, 2022, in a video on Facebook. He said 'we are all here', shortly after the Russian invasion began. AFP
    Volodymyr Zelenskyy in Kyiv on February 25, 2022, in a video on Facebook. He said 'we are all here', shortly after the Russian invasion began. AFP
  • A residential building damaged by a missile strike in Kyiv in February 2022. Getty Images
    A residential building damaged by a missile strike in Kyiv in February 2022. Getty Images
  • A metro station in Kyiv in February 2022, crowded with people trying to escape the invasion. AFP
    A metro station in Kyiv in February 2022, crowded with people trying to escape the invasion. AFP
  • A police officer addresses people gathered to protest against the invasion of Ukraine, in central Saint Petersburg, Russia, February 2022. AFP
    A police officer addresses people gathered to protest against the invasion of Ukraine, in central Saint Petersburg, Russia, February 2022. AFP
  • A protester in support of Ukraine, in Berlin, Germany, in February 2022. Getty Images
    A protester in support of Ukraine, in Berlin, Germany, in February 2022. Getty Images
  • Ukrainian soldiers prepare to repel an attack in Ukraine's Lugansk region on February 24, 2022. AFP
    Ukrainian soldiers prepare to repel an attack in Ukraine's Lugansk region on February 24, 2022. AFP
  • Volodymyr Zelenskyy in Kyiv on February 24, 2022, after Russia launched a full-scale invasion. AFP
    Volodymyr Zelenskyy in Kyiv on February 24, 2022, after Russia launched a full-scale invasion. AFP
  • A mass exodus from Kyiv after pre-offensive missile strikes by Russian armed forces on February 24, 2022. Getty Images
    A mass exodus from Kyiv after pre-offensive missile strikes by Russian armed forces on February 24, 2022. Getty Images
  • Security personnel inspect the remains of a shell in Kyiv on February 24, 2022, soon after Russian President Vladimir Putin announced a military operation in Ukraine. AFP
    Security personnel inspect the remains of a shell in Kyiv on February 24, 2022, soon after Russian President Vladimir Putin announced a military operation in Ukraine. AFP
  • CCTV footage shows Russian military equipment crossing a Crimea border checkpoint on February 24, 2022. AFP
    CCTV footage shows Russian military equipment crossing a Crimea border checkpoint on February 24, 2022. AFP
  • Russian President Vladimir Putin in the Kremlin early on February 24, 2022, when he announced a 'military operation' in Ukraine. AFP
    Russian President Vladimir Putin in the Kremlin early on February 24, 2022, when he announced a 'military operation' in Ukraine. AFP
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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

Updated: February 23, 2023, 2:59 PM