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Russian Federation : EBRD deny to give approval for fresh investments in RUSSIA

July 25, 2014

The European Bank for Reconstruction and Development declared that it will not sanction new investment projects in Russia.

The decision has been taken by EBRD after the European Union and the US slapped sanctions on the country last week as the Russia-Ukraine conflict worsened.

The lender stated "A majority of the Board of Directors of the European Bank for Reconstruction and Development (EBRD), including all EU member states and several non-EU shareholders, have given clear guidance to the EBRD management that, for the time being, they will be unable to approve new investment projects in the Russian Federation."

"Their guidance follows a declaration by last week's European Council which called on the EU member states to coordinate their positions within the Bank's Board. The EBRD management will be guided by this in its operational approach in Russia," the lender further added.

The EBRD Board of Directors depicts the Bank's shareholders which include 64 member states, along with the European Union and the European Investment Bank. According to the bank, the fresh move does not affect the current projects and customers in Russia and the bank's physical presence will be maintained in the country.

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Source: TendersInfo (India)

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