An avalanche of criticism against the western sanctions imposed on Russia has largely missed a fundamental point.
Sanctions are a pillar of the international system. The tool has become the first resort when tensions between nations threatens to erupt into uncontrollable confrontation. Yet, few stopped to ask if the penalties that sanctions bring can achieve the goals that the architects have in mind. Fewer still consider that reliance on sanctions as a weapon has negatively crowded out other instruments of defence and security.
Sanctions have warped the international system and in the Ukraine crisis, we are seeing the lack of effectiveness of the policy imposing a damaging toll on the ability to defend the established global system. In this instance, we already know deterrence steps have failed. UN Secretary General Antonio Guterres was unusually blunt last week in calling on Russia to end its offensive in Ukraine, which he said contravened the UN Charter.
Wise statesmen like Britain’s William Hague have said that the Russian decision calls for an “entirely new strategy, nothing less than a resetting of the western mind”. That being the case, economic sanctions should be the first to be rethought in the reset.
Eclipsing the sanctions toolbox as the first response would mean a wider need to reinvent economic statecraft
It is true that the era of globalisation, with Russia and China enjoying the "Most Favoured Nation" status in the World Trade Organisation, was a vast enabler of resources that have ensured the modernistation of their militaries. To have sanctions that constrict that flow of resources has not proved to be an exact parallel.
A report of the UK Parliament in 2019 called for a root-and-branch look at the country’s sanctions policy. “Sanctions are too essential to the preservation of the rules-based international system and the defence of our national interests to be treated as an afterthought,” it said.
The committee responsible posed a series of questions of the government. “What are the costs and benefits of divergence on key sanctions regimes? How can the UK make the most of its power in financial services? Where do UK interests most closely align with those of our key international partners? How will we influence their decision-making in future? We have seen no evidence that the [Foreign Office] or wider government have even begun to explore these questions.”
These are indeed the matters now at hand, as the UK and others bring in the “largest” and “most punishing” set of sanctions ever adopted against Russia. Yet, this is being done with an unknowable outcome. The ways and timescales of sanctions taking effect are not scientific to gauge. Even its proponents concede that restrictive measures are mostly not immediate nor do they offer a magic bullet but have effects that work their way through the system.
Sanctions are obviously deeply unwelcome and Russia has been issuing a series of threats against them. Look at the track record with Iran. It makes the prospect of the Vienna agreement on its nuclear programme contingent on sanctions relief. The Iranian economy is crippled and has been for some years. A period of Chinese-backed development was snuffed out by the US sanctions imposed more than a decade ago.
Yet, it has been able to direct its resources to equipping and building up proxy forces in Lebanon and Yemen. It was able to play a role in the Syrian civil war even before the 2015 nuclear deal temporarily delivered more oil revenues for Tehran to amply fund its regional interference.
One former US official describes this dynamic – which is now playing out writ large with Russia and Ukraine – as a contest between the priorities imposed by a quest for local military superiority versus the pressures that can be brought to bear by exclusion from the global financial system. In the current immediate outlook, the limitations of sanctions are likely to be brutally exposed.
The obvious shift would be to security structures more akin to the mid-20th century. In the case of Russia, the paramount response is likely to be a stronger Nato containment policy that will see investment in defence. That would mean a return to the world that was shaped by alignment and power blocs, something that would then inform trade relations and travel.
Eclipsing the sanctions toolbox as the first response would mean a wider need to reinvent economic statecraft. The contours of global trade would be necessarily reshaped as a part of this effort. Cross-border investment would be drastically altered as an activity between friendly nations. Rather than issues of transactions, which were played out in the so-far futile attempts to get the global bank messaging system Swift to banish Russia, other factors would weigh more heavily in the playbook – such as demographics and structural cultural forces.
One academic study examining 170 examples of sanctions imposed found that the measures were effective only in one third of the cases. Considering the energy that goes into the policy and the priority the decisions assume, that is a dreadful outcome.
The concept serves one purpose: it contains the confrontation, either by country or targeted sectors. Recent events show that in the future, the issues of conflict and diplomacy will shape the fundamentals of the world economy. Playing defence has become the name of the game in every facet.
Results
3pm: Maiden Dh165,000 (Dirt) 1,400m, Winner: Lancienegaboulevard, Adrie de Vries (jockey), Fawzi Nass (trainer).
3.35pm: Maiden Dh165,000 (Turf) 1,600m, Winner: Al Mukhtar Star, Adrie de Vries, Fawzi Nass.
4.10pm: Handicap Dh165,000 (D) 2,000m, Winner: Gundogdu, Xavier Ziani, Salem bin Ghadayer.
4.45pm: Handicap Dh185,000 (T) 1,200m, Winner: Speedy Move, Sean Kirrane, Satish Seemar.
5.20pm: Handicap Dh185,000 (D) 1,600m, Winner: Moqarrar, Dane O’Neill, Erwan Charpy.
5.55pm: Handicap Dh175,000 (T) 1,800m, Winner: Dolman, Richard Mullen, Satish Seemar.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
Indian origin executives leading top technology firms
Sundar Pichai
Chief executive, Google and Alphabet
Satya Nadella
Chief executive, Microsoft
Ajaypal Singh Banga
President and chief executive, Mastercard
Shantanu Narayen
Chief executive, chairman, and president, Adobe
Indra Nooyi
Board of directors, Amazon and former chief executive, PepsiCo
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
KILLING OF QASSEM SULEIMANI
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
'Morbius'
Director: Daniel Espinosa
Stars: Jared Leto, Matt Smith, Adria Arjona
Rating: 2/5
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)
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