UK government to sanction Russia over breakaway regions decision
February 22, 2022, 8:23 am

UK government to sanction Russia over breakaway regions decision

Boris Johnson- UK PM

The BBC reported, the UK government has said it will sanction Russia over President Vladimir Putin's decision to recognise two breakaway regions in eastern Ukraine.

The BBC understands that recent legislation will be used to impose restrictions on people and organisations linked to Russia.

Government sources say sanctions would be "ratcheted up" in the event of a Russian incursion of Ukraine.

The foreign secretary said Russia's actions would not go "unpunished".

Liz Truss confirmed sanctions would be announced on Tuesday "in response to their breach of international law and attack on Ukraine's sovereignty and territorial integrity".

Several of the UK's western allies, the US, France and the European Union, made similar statements, condemning Mr Putin's move and promising sanctions.

Prime Minister Boris Johnson is chairing a Cobra emergency response meeting at 06:30 GMT on Tuesday.

Themes in London, UK (File photo: Pixabay)

The meeting is set to discuss sanctions and the latest intelligence with aides including the chief of staff as well as cabinet secretaries. Sanctions are expected to be presented in Parliament later.

A No 10 spokesman said the meeting would discuss the latest developments in Ukraine and co-ordinate the UK response, including agreeing a "significant package of sanctions to be introduced immediately".

An agreement gives Russia the right to build military bases in eastern Ukraine

Mr Johnson told Ukrainian president Volodymyr Zelensky on Monday evening that he believed an invasion was a real possibility in the coming hours and days, a Downing Street spokesperson said.

In a phone call, the PM told Mr Zelensky he would "explore sending further defensive support to Ukraine" at the request of the country's government, as well as detailing sanctions.

The spokesperson added: "The leaders agreed that the West needed to support Ukraine in the event of an invasion, but should continue to pursue a diplomatic solution until the last possible second.

Boris Johnson: Damage caused by West's failure to support Ukraine could reach Taiwan

"Regardless of President Putin's actions, the UK would be steadfast in its full support of Ukraine's sovereignty and territorial integrity, the prime minister said."

Source: BBC

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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.