Russia and Belarus Cut Off From European Bank for Reconstruction and Development Resources

The European Bank for Reconstruction and Development (EBRD) has prevented Russia and Belarus from accessing the bank’s resources.

According to EBRD’s governors, they have approved the application of Article 8.3 which prevents Russia and Belarus from receiving funding for projects in response to the invasion of Ukraine.

“Access by the Russian Federation and Belarus to the resources of the Bank is to be formally suspended with immediate effect. This means that there can be no new financing of projects or technical cooperation activities in either country. Furthermore, the Bank avails itself of all rights to suspend or cancel further disbursements of funding on existing projects,” said EBRD.

EBRD added that it would also be closing offices in Moscow and Minsk.

“This decision was voted by an absolute majority of the shareholders of the Bank, representing 94.85% (!!! ) votes in the capital of the Ban,” said Artem Shevalev, a member of EBRD’s board of directors from Ukraine.

The EBRD said they are adding a €2 billion Resilience and Livelihoods Support Package for Ukraine to mitigate the damaged cause by the Russian invasion and pledged to help in reconstruction efforts in the future.

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