Russia and Belarus cut off from EBRD money
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The board of governors of the European Bank for Reconstruction and Development voted to suspend both countries' access to funding and other resources with immediate effect. The bank announced on Monday that Russia and Belarus would be cut off from the EBRD. He informed about his intentions shortly after Russia attacked Ukraine, and Monday's decision of the board of governors is a seal of this decision.
The EBRD stipulated that it may exercise any right to withhold or cancel further disbursements of funds for existing projects. The bank also closed its offices in Minsk and Moscow.
"It is sad that we have reached this point after so many years of cooperation and activity in both countries. However, the Russian-led war with Ukraine has left us with no choice but to show our condemnation not only with words. Action is also needed to prevent both countries from doubting that, in our opinion, they undermined the values that are important to us as an institution and to the international community," Odile Renaud-Basso, EBRD president, quoted in the bank's announcement, said.
