Russia blocks 2M tons of grain on 176 vessels already at sea
October 31, 2022, 10:00 am

Russia blocks 2M tons of grain on 176 vessels already at sea

We are ready to export Ukrainian grain. We are waiting for signals from our partners to start transport - President Volodymyr Zelensky

By suspending its participation in the grain deal, Russia has blocked the export of two million tons of grain on board 176 ships that are already at sea, the Ukrainian foreign minister expressed on Sunday (Oct 30).

“By suspending its participation in the grain deal on a false pretext of explosions 220 kilometers away from the grain corridor, Russia blocks 2 million tons of grain on 176 vessels already at sea — enough to feed over 7 million people. Russia has planned this well in advance,” Dmytro Kuleba said on Twitter.

“The current queue with grain has accumulated in the Black Sea since September, when Russia started deliberately delaying the functioning of the corridor and seeking to undermine the deal. Russia took the decision to resume its hunger games long ago and now tries to justify it,” he added.

Earlier, Russian Foreign Ministry spokeswoman Maria Zakharova accused Ukraine of disrupting the grain deal in order to “complement food to the nuclear blackmail.”

FILE PHOTO: Grain is loaded on a truck at the Mlybor flour mill facility in Chernihiv region, Ukraine, May 24, 2022. REUTERS/Edgar Su/File PhotoReuters

"On Oct. 29, the Ukrainian Armed Forces, under the cover of the humanitarian corridor set up for the implementation of the Black Sea Grain Initiative for the export of Ukrainian agricultural products, launched massive air and sea strikes using drones against the Russian Black Sea Fleet's ships and infrastructure at the naval base in Sevastopol," the Russian Foreign Ministry said in a statement.

The Ukrainian drone attacks on Sevastopol were prepared under the guidance of British navy specialists, Russian Defense Ministry spokesman Igor Konashenkov said Saturday (Oct 29).

Ukrainian grain reaches Spain by train: Government says

Ukraine and Britain denied the accusation, while the United Nations called for restraint by all parties.

Ukrainian Foreign Minister Dmytro Kuleba tweeted on Saturday that "now Moscow uses a false pretext to block the grain corridor which ensures food security for millions of people."

The Ukrainian Infrastructure Ministry said it is ready to continue gathering and shipping agricultural products to ensure global food security despite Russia's plan to withdraw from the Black Sea Grain Initiative.

UN official: 12 vessels authorized to depart Ukrainian ports for grain export

Türkiye, the UN, Russia, and Ukraine signed an agreement on July 22 in Istanbul to resume grain exports from three Ukrainian Black Sea ports, which were paused after the Russia-Ukraine war began in February.

A Joint Coordination Center with officials from the three countries and the UN has been set up in Istanbul to oversee the shipments.

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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.