Russia-Ukraine war: The unique opportunity for Iran
March 5, 2022, 3:20 pm

Russia-Ukraine war: The unique opportunity for Iran

Zara saleh

Due to the Russian invasion of Ukraine, it’s predicted worldwide that European economic sanctions against Russia may be lead to an energy crisis in Europe and disrupt the energy market as well. However, instead of Russia, Iran can easily supply the European countries with needed gas and oil. As second-largest gas reserves behind Russia and the fourth-largest oil reserves behind Venezuela, Saudi Arabia, and Canada, Iran could become a new alternative energy source for Europe.

As usual for the Iranian "pragmatic" regime to use the regional and international crisis for its benefits and interests, Tehran now is looking forward to playing an essential role in the current conflict between Russia and Ukraine in several aspects. Iran, consequently, can achieve political and economic benefits regarding the ongoing nuclear negotiations in Vienna between Iran and the US and world-wide powers as they been negotiating to revive the 2015 nuclear deal. The current military and diplomatic tensions and confrontations between Moscow and the West regarding the Russian invasions, might offer Tehran more chance that the US could maybe compromise in Vienna's nuclear talks.

Tehran's economy can make benefit from the Ukraine crisis and boost Iran's economy after years of international sanctions regarding the nuclear program. Such a unique chance could offer to Iran if Russia, the largest gas reserves in the world, decided to stop exporting gas to the European countries. Furthermore, Iran can supply Europe with oil and gas and become the main energy source for European countries due to the predicted sanctions against Moscow by Europe.

On the other hand, Iran is seeking to continue its strong relationship with Russia and to ensure its influence in different regional crisis such as Syria and currently in the Ukraine war. In his phone call with Russian President Putin, Iranian President Ebrahim Raisi has blamed the US and NATO for Ukraine's war. Meanwhile, Iran is aware of the importance of its relationship with Russia due to the Ukraine crisis and how Moscow needs to have such a partner like Iran to confront the West's sanctions. At the same time, Iran can rely on the vital role of Russia as a permanent member of the UN security council and as a key member of the Vienna nuclear negotiations. Besides that, Tehran is an endeavour for further partnership with Moscow that can include economic and military deals, and such as relations will definitely ensure the Russian position in Vienna's talks with Iran.

As a result, over the shadow of the Russian-Ukraine war and the reckless deterioration of the Russian and Western ties, Russia is seeking to continue its relations with Tehran as an important ally in this crisis. However, Russia and Iran still share common interests, but they remain in competition and confrontations in their strategic goal in some places of conflict. Consequently, if the US and Russia can reach a deal over the Ukraine war, the wind may run against the Iranian ships and their wishes.

BY: Zara Saleh

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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.