Putin blames Western sanctions for triggering a global food crisis and soaring energy prices
April 6, 2022, 10:08 am

Putin blames Western sanctions for triggering a global food crisis and soaring energy prices

Vladimir Putin: Image credit Russian Embassy in India Facebook page

The Asharq Al-Awsat reported, President Vladimir Putin said on Tuesday (5 Apr) that Russia must keep a close eye on its food exports to hostile countries because the West's sanctions had fomented a global food crisis and spiraling energy prices.

The West's sanctions over Putin's Feb. 24 invasion of Ukraine have tipped Russia towards its worst economic crisis since the 1991 fall of the Soviet Union, though Moscow says the global impact of the sanctions could be much more significant.

The Kremlin chief cautioned that higher energy prices combined with a shortage of fertilizers would prompt the West to print money to buy up supplies, leading to food shortages among poorer countries.

Putin told a meeting on developing food production: "They will inevitably exacerbate food shortages in the poorest regions of the world, spur new waves of migration and in general drive food prices even higher."

According to the United Nations' Children's Fund (UNICEF), more than half of Ukrainian children have been displaced since Russia invaded Ukraine (File photo: Euromaidan Press)

Putin said: "In these current conditions, a shortage of fertilizers on the global market is inevitable." He added: "We will have to be more careful about food supplies abroad, especially carefully monitor the exports to countries which are hostile to us."

One of Putin's allies warned last week that Russia could limit supplies of agriculture products to "friendly" countries only, amid Western sanctions imposed on Moscow.

Russia is the world's largest exporter of wheat, supplying it mainly to Africa and the Middle East, and a major producer of potash, phosphate and nitrogen containing fertilizers - key crop and soil nutrients.

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Russia produces more than 50 million tons a year of fertilizers, 13% of the global total. Phosagro, Uralchem, Uralkali, Acron and Eurochem are the biggest fertilizer players.

Sanctions, Putin said, had disrupted logistics for fertilizer supplies from Russia and Belarus while higher prices for natural gas was making fertilizer production more expensive in the West.

In a warning to European states, Putin warned that Moscow would respond in kind to any attempt to nationalize Russian assets, quipping that such action was a "a double-edged weapon".

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Putin was speaking a day after Germany said its energy regulator would take control of Gazprom Germania, a gas trading, storage and transmission business which Russia's Gazprom said it was exiting last Friday.

The British government may decide to step in and temporarily run Russian gas giant Gazprom's British retail supply arm.

Putin says Russia's "special military operation" in Ukraine is necessary because the United States was using Ukraine to threaten Russia and Moscow had to defend Russian-speaking people in Ukraine from persecution.

Liz Truss urges NATO and G7 partners to ban Russian ships and set timetable for oil and gas exit

Ukraine has dismissed Putin's claims of persecution and says Russia is fighting an unprovoked war of aggression.

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.