The European Bank for Reconstruction and Development (EBRD) announced that it would close its resident offices in Moscow and Minsk, the financial institution said on Monday.
"The European Bank for Reconstruction and Development (EBRD) has announced that it is in the process of closing its Resident Offices in Moscow and Minsk," the bank said. The decision "is the inevitable outcome of the actions taken by the Russian Federation with the help of Belarus," EBRD said, referring to the Russian special military operation in Ukraine.
Russia is the EBRD member since 1992. The bank halted investments in Russian projects in 2014, after the EU and the U.S. slapped Russia with sanctions.
