Russian and Chinese foreign ministers condemn western sanctions on Moscow over Ukraine invasion
March 30, 2022, 2:37 pm

Russian and Chinese foreign ministers condemn western sanctions on Moscow over Ukraine invasion

Sergei Lavrov/Facebook page

The Asharq Al-Awsat reported, the Russian foreign ministry said in a statement that foreign ministers from Russia and China on Wednesday condemned what they called illegal and counter productive Western sanctions imposed on Moscow over its action in Ukraine.

Chinese Foreign Minister Wang Yi held talks with his Russian counterpart, Sergei Lavrov, in the eastern Chinese province of Anhui, where China was set to host two days of meetings on Afghanistan.

The meeting comes a little over a month after Russia sent tens of thousands of troops into Ukraine in what Russia calls a special operation, triggering unprecedented Western sanctions.

Russia is looking to China for support and partnerships as it becomes ever more isolated from global financial systems and supply chains.

Flag of China-Shanghai city (File photo: Pixabay)

The Russian foreign ministry said in a statement: "The ministers had a thorough exchange of views on the situation around Ukraine. The head of the Russian foreign ministry informed his Chinese counterpart about the progress of the special military operation ... and the dynamics of the negotiation process with the Kyiv regime."

"The sides noted the counterproductive nature of the illegal unilateral sanctions imposed on Russia by the United States and its satellites."

Chinese, Russian foreign ministers meet in China

The ministry said the two ministers had agreed that Russia and China would continue to strengthen their strategic partnership and to speak on global affairs "with a united voice".

The ministry said: "It was agreed to further strengthen foreign policy coordination and to widen cooperation on the bilateral track and in various multilateral formats."

China's Phoenix TV reported that Wang said Chinese and Russian relations had "withstood the test of international turbulence" and there was an increased willingness by them to develop relations that had "grown resiliently."

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A Chinese foreign ministry spokesman told a media briefing in Beijing: "There is no limit to China-Russia cooperation, no limit to our efforts to achieve peace, safeguard security and oppose hegemony."

The spokesman said: "China-Russia relations are non-aligned, non-confrontational and not targeted at any third party."

Lavrov, who on Monday said Russia's relations with China were at their strongest level ever, had arrived earlier in China for talks hosted by Wang that were set to include representatives from Afghanistan's ruling Taliban as well as Pakistan, Iran, Tajikistan, Turkmenistan and Uzbekistan.

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Afghanistan is suffering an economic and humanitarian crisis worsened by a financial aid cutoff following the Taliban takeover as US-led troops departed in August.

Source: aawsat

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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.