EBRD decides to suspend access of Russia & Belarus to bank’s finances

The European Bank for Reconstruction and Development is moving ahead with its plans to exclude the Russian Federation and Belarus from receiving funding for projects, Report informs referring to the EBRD website.

The EBRD Board of Governors has approved taking firm action against the Russian Federation and Belarus following the invasion of Ukraine.

Access by the Russian Federation and Belarus to the resources of the Bank is to be formally suspended with immediate effect. This means that there can be no new financing of projects or technical cooperation activities in either country.

Furthermore, the Bank avails itself of all rights to suspend or cancel further disbursements of funding on existing projects.

The EBRD has announced already that it is in the process of closing its Resident Offices in both Moscow and Minsk.

“It is sad that we have come to this point after so many years of cooperation and activity in both countries. However, the Russian-led war on Ukraine has left us no choice but to show our condemnation with more than just words. Actions are required, too, so that the two countries are in no doubt that we believe they have undermined the values which are important to us as an institution and to the international community,” said EBRD President Odile Renaud-Basso.

The EBRD is now focusing on delivering a 2 billion euros Resilience and Livelihoods Support Package for Ukraine and for other countries in the region directly impacted by the refugee crisis.