EBRD is unable to approve new investments to Russia
The European Bank for Reconstruction and Development (EBRD) announced on its inability to realize new investment inflows to the Russian economy in the nearest future, declared the press-service of the Bank on July 23.
A majority of the Board of Directors of the EBRD, including all EU member states and several non-EU shareholders, have given clear guidance to the EBRD management that, for the time being, they will be unable to approve new investment projects in the Russian Federation, according to the announcement.
Their guidance follows a declaration by last week's European Council which called on the EU member states to coordinate their positions within the Bank's Board. The EBRD management will be guided by this in its operational approach in Russia.
The Bank will continue to manage its portfolio of existing projects and client relationships in Russia. The Bank will also continue to maintain its physical presence in the country.
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