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Ukrainian-Syrian Relations Fall Apart

Earlier this week Russia’s Foreign Minister Sergey Lavrov said that a new “iron curtain” was descending between Russia and the West. This curtain is not dividing the world into two, but rather three – those taking Russia’s side, those taking Ukraine’s and those that attempt to maintain relations with both or avoid getting drawn into the conflict altogether.
Those parts of Syria controlled by President Assad are firmly in the first camp. This was demonstrated in the first few months of the conflict by Syria voting against UN Resolutions that condemned the Russian invasion. Weeks into the conflict as the urban fighting near Kiev slowed down and eventually reversed the Russian advance, news broke that Syrian fighters were to travel to Ukraine as reinforcements. “Russia is preparing for a greater battle” in Ukraine and Syrian fighters are likely to take part, said Ahmad Hamada, a Syrian army defector who is now a military analyst based in Turkey.
Yet these acts did not see a total severance of relations between Kiev and Damascus. The Ukrainian side closed the Embassy of Ukraine in Damascus back in 2016 and ordered the closing of the Embassy of Syria in Ukraine in 2018. Instead, relations were truly severed this week; “There will no longer be relations between Ukraine and Syria,” Zelensky said in a video posted on Telegram, adding that the sanctions pressure against Syria “will be even greater”. The trigger was Syria’s recognition of the breakaway republics of Donetsk and Lugansk, the first state other than Russia to do so.
Syria’s relationship with Russia of course runs deep and far deeper than Moscow’s decision to prop up Bashar al-Assad’s regime in 2015. Since the 1950s, tens of thousands of Syrians have been educated in Russia, while Russian expertise has created much of Syria's infrastructure, with the a Syrian ministry of economy estimating that the Russians are responsible for 90 industrial facilities and pieces of infrastructure, one-third of Syria's electrical power capability, one-third of its oil-producing facilities and a threefold expansion of land under irrigation - aided in part by assistance with building the massive Euphrates dam.
Damascus is so indebted to Moscow that the decision to recognise Donetsk and Lugansk should hardly come as a surprise. "The Syrian regime is trying to give pseudo-subjectivity to the Russian occupation administrations in Donetsk and Luhansk regions on the order of their curators in the Kremlin," the Ukrainian Foreign Ministry noted.
The Ukrainian side is also starting the procedure for imposing a trade embargo against Syria, as well as imposing other sanctions against Syrian legal entities and individuals. Yet trade between the two countries has never been vast with Ukraine’s main export being maize and Syria’s to Ukraine being natural calcium phosphates; natural aluminium calcium phosphates and phosphatic chalk.
In 2021, trade between Syria and Ukraine reached USD 24.2 million, a 68 percent increase compared with 2020. Syria’s exports stood at USD 20.75 million, while its imports stood at USD 3.43 million, making Ukraine one of Syria’s most profitable trade partners. What is more despite a plethora of sanctions against Syria, there have been continual reports and evidence of countries like Ukraine being used as a middleman for the export of Syrian phosphates into Europe. Despite the risks of sanctions violations, Serbia, Ukraine, and four European Union states have reportedly imported over $80 million worth of Syrian phosphates since 2019. So, Syria will pay an economic price for falling in line with Moscow, yet it has essentially mortgaged its foreign policy to Russia to whom it owes an existential debt.
Other repercussions from this international fallout may come if any of the Syrian fighters currently battling on Russia’s side in Ukraine, are captured or killed. Will these fighters be included in any of the now frequent prisoner swaps between the two sides or perhaps more likely they could face the more punitive punishments that Russia is handing out to foreign fighters it captures.
The falling apart of Ukrainian-Syrian relations is clearer a footnote to the major conflict between Kiev and Moscow, but it is one that says much about the sovereignty and levels of independence of Assad’s Syria.
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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