The blackmail policy of Moscow and Ankara
November 6, 2021, 12:16 pm

The blackmail policy of Moscow and Ankara

Zara saleh

Turkey's chronic 'phobia' towards the Kurds, and the historic failure to find a peaceful solution to the Kurdish question have deeply been affected the Turkish political culture and mentality. All the Turkish military have attacked into northern Syria and the occupation of Syrian territories were mainly related to the "strategic" fight against Kurds in north Syria. Furthermore, Erdogan's deal with Russian President Putin and the decision to purchase the S-400s was also related to the Turkish phobia towards the Syrian Kurds. Despite the fact that such a Turkey-Russian deal and coordination had negative consequences on Turkey's relations with the US, Erdogan continues his policies to blackmail NATO and the US over the Russian deal.

Arguably, the strange relations between Moscow and Ankara became a fact in the Syrian ground through the Astana-Sochi agreement including Iran as well. All these countries of Astana's deal are on different sides of the Syrian conflict but they have common temporary interests. In a recent meeting between Putin and Erdogan in Sochi, on September 29, the Russian President had raised his concerns regarding the situation in Idlib which is controlled by Al-Qaeda-backed Hayat Tahrir al-Sham as Turkey has not implemented the agreement to free Idlib province from the terrorist groups. Looking for a new deal that is similar to Afrin-Eastern Al-Ghouta in 2018, the Turkish President of Erdogan has failed to have Putin's green light to launch a new military operation against Syrian Democratic Forces in Tell Refaat and Manbij where both areas are under Russian control and military presence. Erdogan, as a result, returned back from Sochi with empty hands without reaching a trade deal regarding the areas of Tell Refaat and Manbij as Putin aimed to take control over most Syrian territories as a strategic plan to support the Syrian regime.

Russia on the other hand, is attempting to blackmail the Syrian Democratic Forces (SDF) over Erdogan's threats to launch another new military offensive against Kurds in northeast Syria. Such Russian policies are aiming to put more pressure on Kurds to return back to Assad's regime with Moscow's mediation and then to hand over that areas to the Syrian regime such as Tell Refaat and Ain Issa and Kobane. Consequently, if Russia with the Syrian regime has the possibility to reach a deal with Erdogan regarding that allow the regime to take control over the areas of the M4, M5 route, and other areas of Idlib, therefore, Putin might get Turkey a small green light for limited attacks on Kurdish-controlled areas that cannot make a significant change on the ground in Turkey's favour and the Syrian opposition militias groups.

However, Biden's administration is aware of Erdogan's steps and policies that, in fact, work on the opposite side of the US political interests and as a member of NATO. Such military offensive by Turkey in Kurdish-controlled areas that still lead by the American presence, consequently, will “undermine the campaign to defeat the Islamic State" according to the White House and it will affect the peace and stability in northeast Syria. As a result, the blackmail policy cannot be possible in the recent case in northeast Syria especially when the US and Russia might have agreed and coordinated their strategies within the Syrian conflict that definitely will shrink the role of Turkey and Iran as well.

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.