Kremlin says UK’s move to bolster nuclear arsenal set to harm international stability
March 17, 2021, 11:59 am

Kremlin says UK’s move to bolster nuclear arsenal set to harm international stability

The Kremlin in Moscow, Russia. (File photo: AFP)

The Kremlin said Wednesday it regretted the UK’s decision to increase its nuclear arsenal, after Britain unveiled plans to bolster its stockpile from 180 warheads to 260 by the end of the decade.

Britain on Tuesday published a document outlining a recalibration of its foreign policy that included the announcement to grow its nuclear arsenal, reversing a previous commitment to reduce its stockpile.

“We are very sorry that the UK has chosen this path of increasing nuclear warheads. This decision harms international stability and strategic security,” Kremlin spokesman Dmitry Peskov told reporters.

“The presence of nuclear warheads is what threatens peace throughout the world,” he added.

The UK’s move is at odds with a recent agreement between Moscow and Washington.

In January, Russia agreed with the United States to extend a key nuclear pact between the two countries that was the last remaining arms reduction agreement between the former Cold War rivals.

Moscow has also pushed for Washington and Tehran to return to the Iran nuclear deal.

Signed in 2015, the accord offered sanctions relief in exchange for curbs on Tehran’s nuclear ambitions and guarantees it would not seek an atomic bomb.

However its signatories are scrambling to keep it alive after former US president Donald Trump unilaterally withdrew from it in 2018 and reimposed sanctions on Iran.

Britain’s foreign policy document also identified Russia as the “most acute direct threat to the UK,” posing “the full spectrum” of dangers.

Peskov on Wednesday said that the UK had cited “an ephemeral threat” without “an explanation”.

“This is not true,” he added. “No threat comes from Russia.”

Moscow and London have seen their relations greatly deteriorate over the poisoning of former Russian spy Sergei Skripal in the English town of Salisbury in 2018 with the Novichok nerve agent.

Russia’s relations with the West are at their lowest point since the Cold War, marred by allegations of election interference and sweeping cyberattacks.

source: AFP

Image source: AFP

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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.