In secret talks.. Iran mediates transfer of advanced Russian missiles to Houthis
The possibility of Houthis obtaining Russian Yakhont missiles could change the balance of power in the region, posing new challenges to international efforts to secure vital shipping routes
September 26, 2024, 3:03 am

In secret talks.. Iran mediates transfer of advanced Russian missiles to Houthis

اليمن وصواريخ الحوثي \ تعبيرية

Three Western and regional sources revealed that Iran is playing a mediating role in ongoing secret talks between Russia and the Yemeni Houthi group to transfer anti-ship missiles to the armed group, highlighting the growing relations between Tehran and Moscow.

Seven sources reported that Russia has not yet made a final decision regarding the transfer of Yakhont missiles, also known as P-800 Oniks, which experts indicated would allow the armed group to target commercial ships in the Red Sea with greater accuracy and enhance the threat to American and European warships that provide protection for navigation.

In July, the Wall Street Journal reported that Russia was considering sending the missiles. Previous press reports did not address Iranian mediation.

The Houthi group has carried out multiple attacks with drones and missiles on ships in vital shipping routes in the Red Sea since November in solidarity with the Palestinians in the ongoing war between Israel and the Gaza Strip.

These attacks have resulted in the sinking of at least two ships and the seizure of a third, disrupting global maritime trade by forcing shipping companies to reroute ships, according to industry sources. This has raised insurance costs for ships crossing the Red Sea.

In response, the United States and Britain launched strikes on Houthi sites, but the strikes failed to stop the group's attacks. Two regional officials familiar with the talks said that the Houthis and Russians met in Tehran at least twice this year, and discussions are ongoing to provide dozens of missiles, which have a range of about 300 kilometers. More meetings are expected to be held in Tehran in the coming weeks.

Russia has previously supplied the Lebanese Hezbollah group allied with Iran with Yakhont missiles. One source said that the talks began during the era of the late Iranian President Ibrahim Raisi, who died in a helicopter crash in May.

A Western intelligence source said, "Russia is negotiating with the Houthis about transferring hypersonic anti-ship Yakhont missiles... The Iranians are mediating the talks but don't want to sign off on them." Neither Iran's mission to the United Nations nor the Russian Defense Ministry responded to requests for comment.

Mohammed Abdel Salam, the official spokesman for the Houthi group, told Reuters, "We have no knowledge of what you reported." A senior U.S. official refrained from specifying the particular systems that could be transferred but confirmed that Russia was considering supplying the Houthis with missiles, describing this development as "extremely concerning."

A U.S. Department of Defense official said that any efforts to enhance the Houthis' capabilities would "undermine the shared international interest in global freedom of navigation and stability in the Red Sea and the broader Middle East."

Russia and Iran are working to strengthen military relations amid the Russian war in Ukraine. The United States announced earlier this month that Tehran transferred ballistic missiles to Moscow for use against Ukraine.

Three sources reported that one of the motives urging Moscow to arm the Houthis is the possibility that Western countries might decide to allow Ukraine to use Western weapons to strike targets deep inside Russia.

The senior U.S. official said that talks between Russia and the Houthis "seem to be related to our position in Ukraine and what we are or are not willing to do" regarding Kyiv's requests to lift restrictions on its use of long-range weapons supplied by the United States to strike targets deep inside Russian territory.

Russian President Vladimir Putin warned in June that Moscow might send advanced long-range weapons - similar to those provided by the United States and its allies to Ukraine - to Western adversaries around the world.

The Yakhont missile is considered one of the most advanced anti-ship missiles in the world. It is designed to fly over the sea surface to avoid detection and reaches twice the speed of sound, making it difficult to intercept.

Fabian Hinz, a ballistic missile expert at the International Institute for Strategic Studies, said that Russia's transfer of Yakhont missiles to the Houthis would be a "game-changer" for regional security. He added, "The P-800's capability far exceeds the anti-ship ballistic missiles and cruise missiles used by the Houthis so far."

Hinz pointed out that Russia would need assistance in technical aspects to deliver the missiles, including how to transport and operate them without the United States detecting and destroying the weapons. The Houthis would also need training on the system. The senior U.S. official warned of dire consequences if these weapons were transferred.

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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.