Putin Agrees Conditionally to Ceasefire, Europe Draws "Red Lines" for the War
The European Union's rejection of the idea of territorial concessions underscores that Ukraine’s future will not be settled without European involvement, complicating any potential settlement
March 14, 2025, 7:01 pm

Putin Agrees Conditionally to Ceasefire, Europe Draws

الحرب الأوكرانية \ تعبيرية \ متداول

Amidst Russia’s hesitant stance regarding the temporary U.S.-Ukraine ceasefire, the European Union has returned to the forefront with a new escalation, announcing its intention to impose additional sanctions on Russian figures and entities, alongside proposals to reduce reliance on the Starlink network in Ukraine.

According to a report by "Euractiv," EU governments have urged satellite communication service providers to search for a European alternative to Starlink, amid concerns that its owner, Elon Musk, might halt the service on which Ukrainian forces rely for military communications and drone control.

A document from the European Commission stated that the EU should fund the provision of these services through European providers, noting that the French company "Eutelsat" is the only entity currently capable of providing this service. While Starlink has around 40,000 stations in Ukraine, Eutelsat only has 2,000, with 4,000 additional stations ready to operate.

In related developments, four European satellite communication companies confirmed they have started exploring the possibility of offering alternative services to Ukraine if Starlink halts.

European Union Sets "Red Lines"

Amid escalating tensions, EU High Representative for Foreign Affairs, Josep Borrell, warned that any potential agreement between Russia and Ukraine cannot be made without European involvement, stressing that Ukraine’s territorial integrity represents a red line that cannot be compromised. He added that any agreement brokered by the U.S. would not be sufficient without European inclusion, asserting that key "negotiation cards" remain in the EU's hands.

Regarding Russia’s stance on the U.S.-proposed ceasefire, Borrell speculated that Moscow would agree under conditions, noting that the U.S. had informed its allies that Russia might use the ceasefire as a tactic to prolong the war by "disrupting the negotiation process."

Russian Stance on Ceasefire: Acceptance with Conditions

In line with European escalation, Russian President Vladimir Putin announced that Russia would not oppose a ceasefire, but only if it leads to a "long-term peace" addressing the root causes of the conflict. He stated that the ceasefire could provide Ukraine with an opportunity to regroup, especially given Russia’s current military advances, citing recent developments in the Kursk region.

These comments come at a time when Moscow is hosting a visit from former U.S. President Donald Trump's envoy, Steve Witkoff, who is set to meet with Russian officials to discuss the U.S. ceasefire proposal.

Ukrainian Concessions: A Key Russian Demand

Observers suggest that Moscow may impose strict conditions for agreeing to the ceasefire, including Ukraine’s recognition of Russia’s sovereignty over the four regions recently annexed, as well as Crimea, which Russia annexed in 2014. Russia also demands that Ukraine abandon its bid to join NATO, a key factor in sparking the ongoing war.

As international pressure mounts and tensions between Russia and the West continue, the fate of the U.S.-proposed ceasefire remains contingent on developments on the ground and diplomatic interactions in the coming period.

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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.