Russia excludes some IT professionals, bankers and journalists from mobilisation
September 24, 2022, 12:00 pm

Russia excludes some IT professionals, bankers and journalists from mobilisation

Riot police detain demonstrators during a protest against mobilization, in Moscow, Russia, Sept. 21, 2022.

RUSSIA said on Friday (Sep 23) that it was exempting some bankers, IT workers and journalists from being drafted into the army to serve in Ukraine under President Vladimir Putin's mobilization, according to Reuters.

On Wednesday (Sep 21), President Vladimir Putin’s announced the first military partial mobilisation since the second world war

According to Defence Minister Sergei Shoigu, Russia would seek to call up 300,000 additional troops for Russia's war.

The call-up sparked protests in major Russian cities including Moscow and St Petersburg on Tuesday (Sep 20), resulting in a reported 1,300 arrests.

Kremlin spokesman Dmitry Peskov told reporters, the section of the official decree announcing mobilisation which included the number of people who would be drafted was kept classified and unpublished.

Russia's defence ministry said some employees working in critically important industries would be excluded from the draft in a bid to “ensure the work of specific high-tech industries, as well as Russia's financial system”.

Russian Defence Minister Sergei Shoigu attends Russian President Vladimir Putin's annual address to the Federal Assembly in Moscow, Russia April 21, 2021. (Reuters)

The exceptions apply to some IT workers, telecommunications workers, finance professionals, as well as some employees at “systemically-important” mass media outlets and interdependent suppliers including registered media and broadcasters.

Russia classifies major employers and core companies in set industries as “syetemically-important” if they meet certain thresholds in terms of headcount, revenue or annual tax payments.

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The classification allows firms to get special benefits from the Kremlin such as government-backed loans, bailouts and state investment, most recently during the COVID-19 pandemic.

Among the media outlets previously classified as such are a host of state-run TV channels, radio stations, news agencies, and newspapers, as well as some of Russia's few privately-held media outlets.

The defence ministry said heads of companies should draw up lists of their employees who meet the criteria and can be excluded from the draft.

Many Russian companies appear to have been caught off guard by Putin's mobilisation order, which followed weeks of speculation about how Russia would respond to a conflict now entering its seventh month in which Kyiv and the West say Russia has suffered tens of thousands of casualties.

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“We’re looking into it for now. We’re trying to understand how this will work,“ a source at one large non-state company told Reuters on Friday shortly after the defence ministry issued its statement.

Russia's central bank welcomed the move to exclude some financial professionals from being called up and said some of its staff met the relevant criteria.

The central bank said in a statement: “Employees who are engaged in critical areas will remain in their positions so the financial system can continue to work smoothly, people can receive their salaries, pensions and social benefits on time, card payments and transfers work and new loans can be issued."

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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.