Iran faces new sanctions over ‘suicide drone’ sales to Russia
October 15, 2022, 11:00 am

Iran faces new sanctions over ‘suicide drone’ sales to Russia

Flag of Iran/Shutterstock

The regime in Tehran faces tough new sanctions from Europe for supplying deadly drones that Russia has deployed in its war against Ukraine, the Arab news reported.

European foreign ministers will meet on Monday to discuss the transfer of Iranian drones to Russia and are expected to reach a political agreement on future sanctions.

Ukraine has reported a spate of Russian attacks in recent weeks using Iranian-made Shahed-136 drones. The most recent attack was on Thursday, when three drones operated by Russian forces attacked the small town of Makariv, west of Ukraine's capital Kyiv. Officials said critical infrastructure was struck by what they said were Iranian-made “suicide drones.”

Leading European countries believe Tehran’s supply of drones to Russia is a breach of UN Security Council resolution 2231, which endorsed the 2015 Joint Comprehensive Plan of Action to curb Iran’s nuclear program.

President Volodymyr Zelensky said Monday (Oct 10) Russia had used Iran-made drones responding to Saturday’s attack on the Kerch bridge linking Crimea with the mainland - Photo. President Volodymyr Zelensky official Facebook account

An arms embargo on Iran imposed under the resolution expired in October 2020, but the resolution still includes restrictions on missiles and related technologies that last until October 2023 and cover the export and purchase of advanced military systems.

London says Russia is using Iranian drones in Ukraine campaign

France and Germany, both parties to the 2015 nuclear deal with Iran, have made it clear they believed the drone transfers were a violation of the UN resolution, and that new sanctions were necessary.

A diplomatic source said the drones also fell under the Missile Technology Control Regime, an agreement by35 states that seeks to limit the proliferation of missiles, missile technology and drones. Iran is not a signatory to that agreement, but Russia is.

The US imposed sanctions last month on an Iranian company for coordinating military flights to transport Iranian drones to Russia, and three other companies involved in the production of Iranian drones.

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The new discussion on drones comes as EU foreign ministers prepare to rubber-stamp sanctions on Iran on Monday over human rights abuses in Iran’s violent crackdown on protests that began last month after the death in morality police custody of 22-year-old Mahsa Amini. More than 200 Iranians have been killed by security forces in a wave of demonstrations sweeping the country.

One European diplomat said, Iran has complained about the imminent new sanctions, but “they can't expect the EU to stay silent in the face of these mass human rights violations."

Source: arabnews

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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.