EBRD board of governors vote for firm action against Russia and Belarus

Access to EBRD funds for Russia and Belarus has been suspended with immediate effect following a decision of the Bank’s Board of Governors today. 

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.

“It is sad that we have come to this point after so many years of cooperation and activity in both countries. However, the Russian-led war on Ukraine has left us no choice but to show our condemnation with more than just words,”  said the EBRD President, Odile Renaud-Basso. “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.”

The EBRD says it is now focusing on delivering a €2 billion Resilience and Livelihoods Support Package for Ukraine and for other countries in the region directly impacted by the refugee crisis. The measures are designed to help companies and communities. 

According to the EBRD, funding is being made available rapidly to enable Ukrainian firms to receive liquidity support, deferral of loans and trade finance: “Where possible, businesses will be helped to relocate so that their operations can continue. Once conditions allow, the Bank has also pledged to take part in a reconstruction programme for Ukraine.”

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