G7 group says it will not accept Russia's Crimea annexation
March 18, 2021, 11:59 am

G7 group says it will not accept Russia's Crimea annexation

Ukrainian tanks and APCs move towards the de-facto border with Crimea near Kherson, southern Ukraine, Friday, Aug. 12, 2016. (AP)

The G7 group of leading economic powers said on Thursday it would not accept Russia’s annexation of Crimea from Ukraine, in a statement marking seven years since the takeover.

“We unequivocally denounce Russia’s temporary occupation of the Autonomous Republic of Crimea and the City of Sevastopol. Russia’s attempts to legitimize it are not, and will not, be recognized,” it said.

“We call on Russia to respect its international obligations, allow access to international monitors, and to immediately release all those who are unjustly detained,” it said, adding: “Crimea is Ukraine.”

Shortly after the annexation, Russia-backed separatists in eastern Ukraine began fighting a conflict against the Ukrainian army that has so far claimed more than 13,000 lives, according to the UN.

The G7 -- a group that includes the US, UK, France, Germany and Japan -- called for all parties to implement a 2015 peace deal known as Minsk II that banned tanks and other heavy weapons.

“The full implementation of the Minsk agreements is the way forward for peace,” the G7 said. “Russia is a party to the conflict in eastern Ukraine, not a mediator.”

Members of the Gotland regiment fire an anti-tank weapon on a range during a live fire exercise on the Baltic island on February 5, 2019. (AFP)

Russia has given citizenship to thousands in Ukraine’s eastern Donetsk and Lugansk regions and the West says Russia is continuing to send troops and arms to support the separatists.

Moscow denies the claims and blames a recent uptick in fighting on Ukrainian forces.

A diplomatic push by France and Germany known as the Normandy format is also seeking to resolve the conflict, though envoys have not met since 2019.

Ukrainian President Volodymyr Zelensky called last week for a summit with European countries and floated a direct meeting with Russian leader Vladimir Putin in a bid to halt the violence.

Tensions between Moscow and Washington also spiraled into a diplomatic crisis this week after President Joe Biden said Putin would “pay a price” after US officials determined that Russia attempted to sway the recent American presidential election.

Biden also described Putin as a “killer,” after the US government announced further export sanctions against Russia over the poisoning and subsequent imprisonment of the outspoken Putin critic Alexei Navalny.

Russia’s foreign ministry responded on Wednesday by recalling its US ambassador for consultations on “what should be done and where to go in the context of ties with the US”.

source: AFP

Image source: AP

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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.