European Union agrees on new sanctions against Belarus over migrant crisis
November 16, 2021, 1:25 am

European Union agrees on new sanctions against Belarus over migrant crisis

European parliament-Strasbourg-Flags/Pixabay

The Xinhua reported that the bloc's top diplomat Josep Borrell said on Monday, foreign ministers of the European Union (EU) have agreed on new sanctions against Belarus over the migrant crisis.

He said addressing a press conference after the ministers' meeting, he said the new set of sanctions had been "politically adopted" and "will be finalized in the coming days." The sanctions will affect "quite an important number" of individuals and entities.

Borrel said: "By expanding the scope of the sanctions, we will be able to target those responsible for exploiting vulnerable migrants and for facilitating illegal border crossing into the EU."

Belarus-Minsk-National Library/Pixabay

The EU has been blaming Belarus for the current migrant crisis at its external borders. Belarus has denied the accusation and expressed its readiness for dialogue.

BelTA News Agency reported on Sunday that Belarusian Foreign Affairs Minister Vladimir Makei had told the EU that his country would try to reduce migrant flows from Asia, Africa and the Middle East to the EU.

Borrell said Monday that he had spoken to Makei and demanded that assistance should be given to provide humanitarian aid to the stranded migrants.

Also on Monday, German Chancellor Angela Merkel and Belarusian President Alexander Lukashenko held a phone conversation on the situation at the border, especially regarding humanitarian aid for the migrants there, according to media reports.

So far, 166 individuals and 15 entities have been designated under the EU's sanctions on Belarus, according to the bloc's external action service. According to Lukashenko, the sanctions have dented his country's ability to tackle the crisis.

Meanwhile, Poland's deputy interior minister said Monday that thousands of migrants were trying to cross from Belarus into Poland near the Kuznica border crossing.

Maciej Wasik wrote on Twitter: "Thousands of migrants have moved from their camp to the closed Kuznica crossing under the supervision of Belarusian security forces," adding that the Polish authorities were "ready for every scenario."

The Polish Defense Ministry said that the number of migrants gathered at Kuznica has been steadily growing. The latest reports estimated their number at between 2,000 and 4,000.

Source: xinhua

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.