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The Future of Western-Russian Relations

What happens next? Tactics in international affairs should support a strategy that works to a vision as to its objectives. Currently in Ukraine we’re seeing predominately an exercise in tactics with the strategy being retrofitted around it by most of the sides involved. Arguably Kiev is the exception to this dynamic with a clear sense of a vision of pushing Russia back to the pre-February borders and kicking all other issues into the long grass.
As important as the situation in Ukraine is for its government and people, the macro issue is the future of the international system and the relationship between Western powers and Russia. This week a rise in tensions in Kosovo, as well as further restriction of Russian energy to Europe was an apt reminder of the other pieces on the chessboard.
Peace talks between Kiev and Moscow remain largely inert despite provisional successes in freeing the supply of Ukrainian grain across the Black Sea. Likewise Western powers and Moscow throw barbs at each other or walk out of the rooms in international fora with both pursuing activity bilateral diplomacy against the other trying to convince the non-aligned states to see things from their perspective.
In Western circles there is very little public advocacy around engaging with Putin. President Macron seems almost embarrassed by the failure of his shuttle diplomacy in January and those who put their head above the parapet to suggest talks are shot down as offering little but appeasement.
Even veteran foreign policy operator and sage Henry Kissinger found himself in the eye of the storm when he suggested an attempt to restore the pre-February situation. He explained that; “Putin wants to win back everything that Moscow lost after 1989. But he can’t stand the fact that almost all of the territory between Berlin and the Russian border has fallen to NATO. That’s what made Ukraine such a sticky point for him”.
Describing Ukraine as a ‘sticky point’ after six months of carnage that has killed and injured tens of thousands and sent geopolitical shockwaves around the globe wasn’t perhaps the most diplomatic language that Kissinger could have used, but his perspective is of course driven by his Cold War experience. Making decisions in the shadow of nuclear Armageddon hardwires ‘the big picture’ into policy makers mind and again the macro question as to what the future relationship between the two blocs needs to be explored.
Even if Putin was to surprise us all and withdraw to pre-February lines, the threat of future action would of course remain. So spurious was the nominal trigger for the campaign against ‘Nazis’, that Russia would remain a threat to the future of Ukraine regardless and few could argue otherwise. If, as any suspect, Putin looks to further entrench Russian control in the east of the country especially through the use of referendums then the narrative around a scenario of consensus is currently virtually unthinkable.
If the West can’t currently can’t see a route to engaging Moscow what does it look from the other side? Putin’s approach, despite the disastrous early phases to the war, appears to be more predictable. Hope that interest in events in the far flung east of Ukraine dissipates in Western policy and public circles with the added option of using the weaponisation of energy supplies to accelerate a change in attitude towards Moscow, or even, as could be the case in Italy a change of leadership.
Putin surely doesn’t imagine a rapprochement with the Westto the level of attending major European diplomatic summits or sporting events, but rather one that allows him to steer the Russian economy into a new age whilst using his new found war powers to eliminate all forms of opposition to his rule. An ageing Dictator consolidating political power, the old story told so many times in human history with all the familiar tactics of nationalism, imagined enemies and levels of brutality that sometimes seem inescapable for the species.
The Russian President may find that he is wrong and that the Western perseverance continues, but if that happens his bet is that his people will pay the price and blame the West, not their glorious leader, for it. These scenarios should remind Western leaders that the onus is on them to chart a strategy that can equally withstand as many variables as the next few months and more likely years will give us, a tough challenge indeed.
BY: James Denselow
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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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