The European Bank for Reconstruction and Development has cut off access to its resources for Russia and Belarus.
Artem Shevaliov, a member of the Bankʼs Board of Directors from Ukraine, said that the EBRD Board of Governors had officially approved the application of Article 8.3 of the Statute (suspension of access) by an absolute majority of shareholders (94.85%).
Shevaliov has stressed that this is the first time in the history of the EBRD that leaders are taking such a step. The EBRD became the first international organization to make such a decision. On March 28, the bank announced that it was in the process of closing offices in the capitals of these countries.
The EBRD has not invested in new projects in Russia since 2014 but has been operating in Belarus until mid-2021.