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Biden’s Russian Reset

The Presidents of Russia and the United States met last Wednesday in Geneva for the first time since 2018. It was a significant meeting both because of its historic context and what it means for the future with the power and influence of the two countries spanning far beyond their borders. Russian Reset
Yet it was events at Russia’s borders that led to the meeting happening in the first place. The vast build-up of some 150,000 Russian forces on Ukraine’s border sparked wild frenzy as to what Moscow was planning. The decision made by Biden’s White House to use diplomacy to deescalate and call for the Geneva Summit meant that Putin’s honour was met, and worst-case scenarios were taken off the table.
What does Russia want? Is the often-asked question. The country’s economy is vastly smaller than its US rival and the days of the Cold War competition are long gone. Yet the country covers 7 million square kilometres, encompassing more than one-eighth of Earth's inhabited land area and extending across eleven time zones. Russia has an estimated stockpile of some 7,000 nuclear weapons and has proven willing to extend its strategic influence beyond its neighbourhood as its key role in the conflict in Syria has demonstrated.
At the meeting in Geneva, which went on for a shorter time than expected, President Biden gave his Russian counterpart a pair of his trademark aviator sunglasses and following closed door talks Russian President Vladimir Putin said Mr Biden was an experienced statesman and the two "spoke the same language". Biden’s experience was demonstrated by his reflections that; “it’s about self-interest and the verification of self-interest. Or, as the old expression goes, the proof of the pudding is in the eating”. Russian Reset
However, the meeting was an important crossroads and whilst a few hours of facetime can’t remove all the issues of global contention that are currently in play, it can allow for positions to be made clearer and hopefully for respective ‘red lines’ not to be lost in translation. There was perhaps no better example of this than the fact that issues of cyber warfare were discussed.
The challenge of this new zone of high-tech competition is that state actors are not clear what the rules of the game are in contrast to more conventional deterrence and interactions. Russia aircraft have regularly flown in or close to NATO airspace forcing the alliance to scramble interceptors, under the water Russian submarines play cat and mouse with their NATO equivalents. Land forces can be mobilised for presence or training in ways that can force an opponent to respond. Yet cyber warfare is a new terrain with state actors far harder to attribute than classic forces.
Biden explained that he had told Putin that "we need some basic rules of the road that we can all abide by". The US President went further and into detail explaining that critical infrastructure should be off-limits and gave Putin a list of 16 strategic sectors that he expected to be respected. This followed recent major cyber attacks against US Government networks as well as a spate of ransomware attacks against private companies.
Another concrete outcome of the talks is that both sides agreed to restore Ambassadorial presence in each other capitals that had been withdrawn in March. Having these channels are the bread and butter of strategic communications between states and should be welcomed. An interesting test of how much influence Biden was able to exert during the talks will be around a vote on Syria. The mandate for the UN cross border aid operation into the northwest of the country expires on July 10th and there has been speculation that the Russians wouldn’t allow a further renewal. Cutting off aid to such a beleaguered and vulnerable Syrian population would of course have devastating consequences but Biden wasn’t able to give any clear steer as to which way Putin would go on the vote.
The Geneva meetings certainly didn’t have obvious high-profile deliverables and critics would argue that it gave Putin status and profile on the world stage without securing anything concrete in response. Yet Biden knows that Putin has met with many US Presidents during his time in power in Russia and perhaps rationalises that it is better to have open channels and not have Moscow intent on playing a disruptive role as possible for him to pursue his wider agenda. The upcoming Syria cross border aid vote will be a key test as to whether this approach is paying off. Russian Reset
by: James Denselow levant
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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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