Yes, Russia Has Invaded Ukraine, But What Next?
February 25, 2022, 8:07 am

Yes, Russia Has Invaded Ukraine, But What Next?

Jwan Dibo

Although the Russian invasion of Ukraine is still in the beginning, the question that comes to mind is what after Ukraine? It is very difficult to predict what next step Putin intends to take. But what is clear so far is that Putin knows very well what he is doing.

Prior to the invasion of Ukraine, Putin began to mobilise tens of thousands of Russian troops on Ukrainian border to exert pressure on the West and obtain the concessions required from it. This was followed by Moscow's recognition of Lugansk and Donetsk as independent states.

A few days later, Putin ordered an assault on Ukraine, which continues at the time of writing this article. It is clear that Putin is proceeding systematically with his offensive plan, which does not seem to stop in Ukraine but has just started with it.

The balance of power in the Russian-Ukrainian Western conflict is in favour of Russia, not in favour of the West and Ukraine. According to the "Global Firepower" website, the Russian army ranks second in the world in terms of equipment, while the Ukrainian army ranks 22nd.

Thus, Russia's options in this dispute are much more than those of the West. Russia can use military force against Ukraine, an ally of the West, while the West cannot enter into an open military confrontation with Russia.

Indeed, the West represented by NATO is powerful than Russia, but the outcomes of a military clash with Russia will be dire because of the caveats of the use of nuclear weapons.

The land and the air in this battle are on the side of Russia. Therefore, the West has no choice but to impose more economic, banking, commercial and investment sanctions against the Russian tsar and his entourage.

If Putin wins in Ukraine, and it is most likely that he will win, then Tsar’s ambitions for expansion and growth will revive, and he will ask the West again and again to implement his demands in full. Otherwise, escalation is the alternative, which means engaging the old continent in another destructive war that no one wants, and everyone will lose in it, including Russia itself.

Perhaps, we can say that the Ukraine that the West wants is over, at least for the foreseeable future. If the West does not listen to the Russian demands and warnings, then the Kremlin tsar will continue his adventures that may impact Europe and the whole world and in this case the price will be much higher than we can imagine.

For Putin, Ukraine is only the beginning. As for the end, for the tsar, or as some call him the new Stalin, is to restore what can be restored from the glories of the former Soviet Union, so that Russia returns as one of the poles of the world order.

The very difficult question is will Putin succeed in eliminating the unipolar system and restoring the bipolar or multipolar system so that Russia will be one of its poles? perhaps, the features of the intricate answer to this crucial question will be revealed, within the next few months.

BY: Jwan Dibo

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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.