Putin wants Russia to boost its use of metals to counter Western sanctions
April 20, 2022, 6:34 pm

Putin wants Russia to boost its use of metals to counter Western sanctions

Putin wants Russia to boost its use of metals to counter sanctions (Photo: Pixabay)

The Arab News reported, citing Reuters, Russian President Vladimir Putin on Wednesday called for structural changes in Russia’s metallurgical industry to counter Western sanctions he said were starving it of some components and restricting its ability to sell some goods abroad.

Speaking at a televised meeting with industry officials and company executives, Putin said Russia should increase its domestic consumption of metals by building factories, infrastructure and housing.

He said: “To support demand for domestic metal, we must launch long-term projects and programs whose effect the entire economy will feel."

Russia is a major producer of metals including aluminum, nickel, copper and steel, with annual exports worth tens of billions of dollars.

“There is no reason to believe that the behavior of our partners will fundamentally change. We must make changes to the structure of production and the supply of Russian metallurgical products.” (File photo: Facebook page)

The industry provides jobs for hundreds of thousands, usually in places where other work is hard to find.

It is also a vital sector at time of war, when Russia has lost more than 500 tanks, 100 APCs and hundreds of other fighting vehicles in Ukraine, according to Oryx, a respected Dutch website that is trusted by military experts.

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Western countries have imposed sanctions against Russia in an effort to force the Kremlin to withdraw troops it sent into Ukraine on Feb. 24.

The West has not sanctioned metals-producing companies, seeking to avoid supply shortages that would push up prices for companies and consumers around the world.

But sanctions have targeted shareholders in some of these firms, which have faced an exodus of board members, complications paying foreign debt, problems importing foreign equipment and sharp falls in their share prices.

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Many banks, shippers and consumers have sworn off new investment in Russia and avoided handling Russian metal, forcing Russian firms to find new supply routes.

Putin said: “There is no reason to believe that the behavior of our partners will fundamentally change."

“We must make changes to the structure of production and the supply of Russian metallurgical products,” he added, calling for an expansion in industrial capability and the range of products Russia produces.

Putin said the West’s “illegal” restrictions had cut off markets for Russian finished products and stopped Russian producers from buying components.

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He said this ran counter to World Trade Organization rules and told his government to update Russia’s strategy in the WTO.

The Kremlin calls its actions in Ukraine a “special military operation” to demilitarise and “denazify” the country. However, Kyiv and its Western allies reject those arguments as a false pretext for an unprovoked attack.

Source: arabnews

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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.