Published: July 29, 2014
No new projects for the foreseeable future, bank announces.
The European Bank for Reconstruction and Development has received instructions from a majority of its shareholders that “for the time being, [they] will be unable to approve new investment projects in the Russian Federation,” a press release from the bank reads.
Although it is unclear which shareholders did not go along with this policy recommendation, it was confirmed that of the 64 states with shareholdings all “EU member states and several non-EU shareholders” were onboard.
The bank will continue to manage its existing projects in the country and will maintain a physical presence. In the first half of 2014, 19% of the bank’s €3.6bn of investment was in the country.