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Ukraine – Preparing for the Long War

The G7 meeting has no secretariat or traditional agenda but instead provides a more informal space for this community of allies to address the most pressing issues of the day. Unsurprisingly Ukraine has headlined the affair with Ukrainian President Volodymyr Zelensky telling G7 leaders he wanted Russia's war in Ukraine ended by the end of the year before the winter sets in. Addressing the G7 Summit in the Bavarian Alps via video link, Zelensky said battle conditions would make it tougher for his troops as they mount their fightback against Vladimir Putin's men.
Zelensky is understandably focused on urgency considering how pivotal the amount and type of Western arms will be to slowing or reversing Russian gains in the east of the country. Yet G7 leaders are focused on a different timeline and over 120 days into the escalation are looking to reassure both Kiev and their own publics that this is a long-term endeavour that will be costly but ultimately worth it.
Indeed, a G7 statement explained the group’s commitment to ‘continue to provide financial, humanitarian, military and diplomatic support and stand with Ukraine for as long as it takes’. British Prime Minister, Boris Johnson, has gone even further in interviews where he is clear that "the price of freedom is worth paying.” Johnson invoked World War Two as taking "a long time" and was "very expensive" but brought "decades and decades of stability" and delivered "long-term prosperity".
There is an interesting strategic analysis that looks at the conflict from Moscow’s perspective and sees a strategy that saw two key scenarios for victory. One was the success of the rapid thunder run effort to seize Ukraine’s capital at the start of the escalation. A short, sudden and overwhelming use of force could have captured Kiev and replaced the government with a pro-Moscow entity, is the supposed logic.
This of course failed, but that doesn’t rule out the second path to victory. A slow grinding seizure of land in the east including the land bridge that now joins Crimea to Russia. Russia has paid quite the price for this operation to date in terms of losses to its armed forces and the massive range of sanctions – economic and other - that have been leveraged against it, yet Moscow could imagine that such is European reliance on its oil and gas that time will dilute these sanctions.
The European Union should stop adding sanctions on Russia over its invasion of Ukraine and instead push for a ceasefire and the start of negotiations, a senior aide to Hungarian Prime Minister Viktor Orban said last week. Low level splits in the Western-led unity towards the conflict in Ukraine was perhaps inevitable as the conflict grinds on. Russia’s ability to use energy supplies as a tactic means there is a very real prospect not just of the high price of energy continuing to spike in Europe, but fuel rationing being introduced in the winter period to come. This will result in public anger that will be felt by politicians in these countries.
Estonia’s prime minister, Kaja Kallas, spoke out at the start of June saying that “we are at a point when sanctions start to hurt our side. At first the sanctions were only difficult for Russia but now we are coming to a point when the sanctions are painful for our own countries, and now the question is how much pain are we willing to endure”.
G7 leaders are aware of this prospect so are doubling down on the theme of unity. “We have to stay together, because Putin has been counting on, from the beginning, that somehow NATO and the G-7 would splinter, but we haven’t and we’re not going to,” President Biden said after meeting with his German counterpart, Olaf Scholz.
A key component around unity is support Kiev’s decision to seek peace talks at a time they feel is right, rather than being forced into them as part of a process of concessions to Moscow. Whilst peace talks spluttered along in the first few weeks of the escalation they have largely broken down as both sides see a military route to success. With no clear sense as to when this equation changes it’s time to prepare for the conflict going on into the long term.
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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