Japan to expel eight Russian diplomats and trade officials, impose new sanctions
April 8, 2022, 3:36 pm

Japan to expel eight Russian diplomats and trade officials, impose new sanctions

Japanese Prime Minister Fumio Kishida (File photo: Official Facebook page)

The Asharq Al-Awsat reported, Japan announced Friday it is expelling eight Russian diplomats and trade officials and will phase out imports of Russian coal and oil because of Moscow's invasion of Ukraine.

Prime Minister Fumio Kishida said Japan will also ban imports of Russian lumber, vodka and other goods, and will prohibit new Japanese investment in Russia.

The Associated Press said,it will also step up financial sanctions against Russian banks and freeze assets of about 400 more individuals and groups, including military-linked organizations, Kishida said at a news conference.

He said Russia must be held accountable for “war crimes" in Ukraine, including atrocities against civilians and attacks on nuclear facilities, that are “severe violations of international law and are absolutely impermissible."

Russian invasion of Ukraine (File photo: President Volodymyr Zelensky Facebook page)

“We are at a critical moment in our efforts to get Russia to stop its cruel invasion of Ukraine and restore peace. Everyone, please cooperate," Kishida said, referring to the sanctions' impact on Japanese people, such as higher prices for gasoline, electricity and food.

Earlier Friday, the Foreign Ministry announced it is expelling eight Russian diplomats and trade officials. European countries have already expelled dozens of Russian diplomats as their relationships have plunged over Moscow's war against Ukraine.

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Europe and the United States have also stepped up sanctions against Russia, including restrictions on coal imports, following revelations of harrowing atrocities against civilians in Ukrainian cities.

Kishida said the additional sanctions are in line with an agreement by the Group of Seven advanced industrialized nations.

The measures contained in a G-7 leaders’ statement include a phasing out or banning of imports of Russian coal and oil. Japanese trade minister Koichi Hagiuda said Japan plans to gradually reduce its energy reliance on Russia while seeking ways to reduce the burden on Japanese companies.

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Japan has already imposed a series of sanctions, including freezing assets of top Russian officials such as President Vladimir Putin, restricting exports to Russia of goods including sensitive items transferrable to military use, and removing key banks from an international messaging system.

Japan is taking a greater role in the international effort against Russia's invasion of Ukraine because of concerns about its impact on East Asia, where China's military has grown increasingly assertive.

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Japan has already faced reprisals from Russia. Moscow recently announced the suspension of talks on a peace treaty with Tokyo that include negotiations over Russian-held islands which the Soviet Union seized from Japan at the end of World War II.

Source: aawsat

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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.