The European Bank for Reconstruction and Development will stop financing all projects in Russia and Belarus

The Board of Governors of the European Bank for Reconstruction and Development (EBRD) voted to suspend funding for all projects in Russia and Belarus.

Source: Press Service of EBRD

“Access of the Russian Federation and Belarus to the bank’s resources is officially and immediately suspended. This means that no country can have projects with the financial participation of the bank or activities in the framework of technical cooperation. In addition, the EBRD reserves the right to suspend or completely stop the selection of funds for existing projects.”

It is also noted that the EBRD is in the process of closing its offices in Moscow and Minsk.

“It is sad that we are forced to take such steps after so many years of cooperation with both countries. However, the war with Ukraine, started by Russia, left us no choice but to condemn these actions, and not just in words. Such a response is also needed so that both countries clearly understand that they undermined values ​​that are important both for our institution and for the entire international community.”

See also: The European Union has accused Russian authorities for atrocities in Bucha and other Ukrainian cities

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