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EBRD is considering Russia’s request to clarify decision to freeze new projects

July 19, 19:27 UTC+3 LONDON
Russia's deputy finance minister earlier said that the Bank shows willingness to work with Russia and is ready to return to the Russian market once the political conditions are created for it
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LONDON, July 19. /TASS/. The Board of Directors of the European Bank for Reconstruction and Development (EBRD) has discussed Russia’s letter addressed to chairman of the Board of Governors of EBRD Pierre Gramegna.

In that letter the Russian authorities requested the Bank's shareholders to clarify if the decision to freeze new projects in Russia is in line with international status of the bank, an official representative of the EBRD told TASS.

According to him, the Russian Federation asked the EBRD Board of Directors to determine the bank’s international status, and this issue was discussed at the board of directors.

A source told TASS that the EBRD did not find signs of Bank’s charter violations in freezing investments into the Russian economy.

"Russia’s proposals on clarification of EBRD’s international status did not find sufficient support," the source said.

Earlier, the EBRD confirmed that it had received Russia’s letter, but its contents were not disclosed.

In May, Deputy Finance Minister Sergei Storchak said that the Bank's management shows willingness to work with Russia and is ready to return to the Russian market once the political conditions are created for it.

In July 2014, the Bank's shareholders adopted a resolution on the "temporary suspension" of financing of new projects in Russia. This decision was taken on the initiative of the bank's shareholders from the EU due to the introduction of anti-Russian sanctions.

Consequences of the attempted coup in Turkey

The Board of Directors discussed the situation in Turkey and the attempted coup did not affect the greater portion of projects in the region.

"Developments in Turkey were discussed within the framework of the Bank’s management report to shareholders. 99% of projects in Turkey are agricultural sector projects and hence they do not depend on the situation occurred earlier [attempted coup - TASS]," a representative said.

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