EBRD plans to impose sanctions on Russia for its invasion of Ukraine – Economy – Business

Shareholder representatives agreed with EBRD management to take steps in response to the crisis, including the possibility of suspending or modifying Russia and Belarus’ access to the bank’s resources under the Article 8.3 of the EBRD Constitution.

The statement also said proposals will be submitted to the bank’s board of directors next week, adding that any final decision would be made by the bank’s governors.

The EBRD noted that it had not invested in new projects in Russia since 2014 and had not invested in new projects in Belarus in recent times following the disputed 2020 presidential election in this country.

On Thursday, the EBRD condemned Russia’s invasion of Ukraine, affirming its unwavering support for the Ukrainian government and the country’s citizens.

A number of European countries – such as the UK and the EU – have already announced their intention to impose sanctions on Russian President Vladimir Putin and a number of other Russian government figures.

The UK has said it will freeze all assets of major Russian banks and exclude them from the UK financial system along with legislative laws aimed at preventing major Russian companies and the state from raising funds or borrowing money. money in UK markets.

He also noted that he would ban Russian airline Aeroflot from operating in the UK.

Additionally, the UK plans to suspend export licenses for dual-use items that can be used for military purposes and to halt exports of high-tech and oil refinery equipment.

Additionally, the country intends to limit the deposits Russians can make in UK bank accounts.

The EU sanctions, however, target 70% of Russia’s banking market and major state-owned enterprises, especially defense firms, as well as banning the export of materials Russia uses for oil refining.

Sanctions may also include banning the sale of aircraft and related equipment to Russian airlines and limiting Russia’s access to high-tech solutions.

Meanwhile, US President Joe Biden announced that four major Russian banks would have their assets frozen and barred from the US dollar trading system, announcing sanctions against wealthy Russian individuals who have close ties to the Kremlin.

He also said that the United States and its allies will cut off more than 50% of Russia’s high-tech imports to prevent it from developing its military capabilities.

Additionally, the UK, US and Australia have extended their financial sanctions against Belarus.

Australia has also imposed sanctions on wealthy Russians and more than 300 members of Russian parliament who voted to send Russian troops to Ukraine.

In addition, Germany halted the opening of the Nord Stream 2 gas pipeline which was supposed to transfer gas from Russia to Germany.

In addition, Japan imposed sanctions on Russian financial institutions and individuals and suspended exports to Russia.

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Christi C. Elwood