Russia, Belarus may lose access to EBRD financial resources

The Board of Directors of the European Bank for Reconstruction and Development (EBRD) has agreed with a management proposal to take steps in responding to the Russian-led military operation in Ukraine, Report informs referring to the EBRD website.

“They voted in large numbers to ask Governors to approve firm action against both Russia and Belarus. If approved by the Governors, the access of Russia and Belarus to EBRD finance and expertise would be suspended open-endedly,” reads the statement.

Separately, the EBRD is also exploring an emergency financing package for the region. Included could be liquidity support for the private and public sector, and municipalities affected by an influx of refugees. It would be a tangible symbol of support for Ukraine and other Countries of Operations caught up in the crisis.