EBRD has become the first international financial organization to restrict access by Russia and Belarus to its funding
The EBRD has decided to suspend access by Russia and Belarus to the resources of the Bank. It means no new financing of projects or technical cooperation activities in either country. Also, the Bank avails itself of all rights to suspend or cancel further disbursements of funding on existing projects. At the end of March 2022, the EBRD has already decided to close its offices in Moscow and Minsk.
The EBRD President, Odile Renaud-Basso, said: “The Russian-led war on Ukraine has left us no choice but to show our condemnation with more than just words. Actions are required, too, so that the two countries are in no doubt that we believe they have undermined the values which are important to us as an institution and to the international community.”