Who will win the tag-of-war with Russia's Nord Stream 2 gas pipeline?
June 8, 2021, 10:03 am

Who will win the tag-of-war with Russia's Nord Stream 2 gas pipeline?

gas

The administration of President Joe Biden decided to waive sanctions against the operator company "North Stream-2" - Nord Stream 2 AG. The President of the United States explained his decision not to apply sanctions to the key company-participant in the construction of the Russian gas pipeline "North Flow-2" because the project had already been completed, as well as his unwillingness to harm relations with Europe gas

Nord Stream 2 is a twin of the Nord Stream 1 gas pipeline already operating since 2012. This is a gas pipeline from Russia to Germany along the bottom of the Baltic Sea, by passing transit states - Ukraine, Belarus, Poland and other countries of Eastern Europe and the Baltic. The first construction work began in 2018. The majority share of the project belongs to Gazprom European powers companies participate in it.

Russian gas is now entering Europe through Ukraine, thereby limiting Russia’s military aggression. After the launch of North Stream-2, this lever of containment may disappear and the financial revenues that Russia will receive from the operation of the gas pipeline "North Flow-2", Moscow uses for further expansion of aggression.

Early Washington imposed sanctions on firms involved in the construction of the pipeline. Ukraine and many European countries are actively opposing the construction of the gas pipeline. At the same time, the German government supports Nord Stream 2, although there are many critics of this project in the country.

Republicans in the US Congress demand immediate sanctions against Nord Stream 2, they are actively calling on the government to lift restrictions on sanctions against the Nord Stream 2 operator, as stated in an official letter of appeal from members of the US Congress to the head of the State Department.

As Congressmen explain, the State Department’s assertion that the imposition of such sanctions "would negatively affect US relations with Germany, the EU, and other European allies and partners" is not fully consistent with the position of Central and Eastern European countries, including Ukraine. It is these allies and partners who have the biggest security and economic problems associated with "Northern Flow-2" that legislators point out.

Nord Stream 2 is not a commercial project, but a geopolitical one. The consequences of its implementation for the security of the region will be very harmful. Russia has used energy instruments to achieve political goals for 30 years and it would be naive to believe that once Russia takes over such a powerful instrument as Nord Stream 2, it will not use it to achieve political goals.

"The longer the Biden administration drags on, the more Putin's malevolent influence across Europe will increase," Republicans say.

"It is possible to stop the completion of the" Stream "with sanctions from America," - said Lana Zerkal, a former adviser to the head of Naftogaz Ukraine. gas

by: Tetiana Bazanova levant

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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.