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EBRD Suspends Russia and Belarus Funds Access

European Bank for Reconstruction and Development

Development (EBRD) approved a historic decision on the application of Article 8.3 of the Agreement establishing the EBRD and the suspension of access to EBRD resources for the Russian Federation and Belarus.

“These fateful decisions, initiated by Ukraine after Russia’s full-scale military aggression with the support of Belarus against our state, were officially adopted for the first time in the Bank’s history by resolutions of the Board of Governors No. 245 and 246 with the support of the vast majority of EBRD shareholders,” the Ministry of Foreign Affairs of Ukraine stated.

The diplomats thanked the EBRD leadership and our international partners for their support for Ukraine in making these decisions.

“The entire world community must condemn the atrocities committed by the Russian army and take effective measures to ensure that the inhumane behaviour of the aggressor state, which is also a permanent member of the UN Security Council, is stopped immediately,” the Foreign Ministry noted.

Although operations in Russia have been virtually suspended since 2014, and Belarusian projects for state-owned enterprises have not been financed for some time, current EBRD decisions deprive Russian and Belarusian companies with access to instruments such as additional funding and liquidity support and signify the EBRD’s withdrawal from all assets associated with the enemy.

Along with the closure of offices in Moscow and Minsk, this decision was a logical continuation of the EBRD’s policy of distancing itself from the aggressor state.

Natalia Tolub

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