EU agrees new package of sanctions against Russia, warns of further action
February 23, 2022, 7:58 am

EU agrees new package of sanctions against Russia, warns of further action

Ursula von der Leyen/Facebook page

The Xinhua reported, European Commission President Ursula von der Leyen warned on Tuesday, the European Union (EU) is ready to take further action against Russia if it continues to escalate the crisis.

In a statement, von der Leyen said EU member states had given their political consent to a new package of sanctions against Russia following its recognition of the independence of the Ukrainian regions of Donetsk and Luhansk.

The package contains a number of "calibrated measures" targeting banks that finance the Russian military apparatus and contribute to the destabilization of Ukraine.

It also bans trade between the two breakaway regions and the EU, as it did with Crimea in 2014, and limits the Russian government's ability to raise capital on the EU's financial markets.

Russian President Vladimir Putin on Monday evening signed decrees recognizing the independence of two self-proclaimed regions in eastern Ukraine's Donbass as "the Lugansk People's Republic (LPR)" and "the Donetsk People's Republic (DPR)."

Putin said on Monday that Russia has done everything to preserve the territorial integrity of Ukraine by fighting for the implementation of 2015 Minsk agreement, but all the efforts ended up in vain.

Victory day parade in Russia (File photo: Pixabay)

He noted that the security crisis occurred due to NATO's eastward expansion, which has led to the loss of mutual trust with Russia.

According to Josep Borrell, EU's High Representative for Foreign Affairs and Security Policy, the package comprises sanctions against 351 members of the Russian State Duma (lower house of the country's Federal Assembly) who voted to recognize the two regions.

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He said: The EU will also "target 27 individuals and entities who are playing a role in undermining or threatening Ukraine's territorial integrity, sovereignty and independence."

Furthermore, the sanctions aim to target the Russian state's ability to access the EU's capital and financial markets and services.

von der Leyen said: "If Russia continues to escalate this crisis that it has created, we are ready to take further action in response."

On the controversial Russia-Germany Nord Stream 2 gas pipeline, von der Leyen said she believed that the German government was "absolutely right" to stop the project, which must be assessed in light of the security of energy supply for all of Europe.

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She said: "This crisis shows that Europe is still too dependent on Russian gas. We have to diversify our suppliers and massively invest in renewables. This is a strategic investment in our energy independence."

The conflict in eastern Ukraine began in April 2014 with fightings between the Ukrainian government troops and local armed groups who seized several towns.

With the mediation of the global community, the two sides in Belarus' capital of Minsk reached ceasefire agreements in September 2014 and February 2015 respectively.

Russia has been seeking NATO's guarantee to halt eastward expansion. However, U.S. President Joe Biden's administration took a hard line against Russia, supporting Ukraine's efforts to join the U.S.-led military alliance and increasing its military assistance to Ukraine, which has re-escalated tensions in the region.

Syria supports Russia's recognition of eastern Ukraine breakaway regions

The situation in eastern Ukraine has been getting worse since Feb. 17, as the Ukrainian government and local armed groups blamed each other for launching aggressive bombards.

Source: xinhua

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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.