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Russia not satisfied by EBRD decision to conceal problems in mutual relations — source

EBRD annual report for 2016 contains no information about Russia’s claims against the bank, according to the source

MOSCOW, March 1. /TASS/. The 2016 annual report of the European Bank for Reconstruction and Development (EBRD) does not contain information that Russia has issues with the EBRD procedure of the so-called "political guidance" to freeze operations in Russia. Russia as the EBRD shareholder expresses its dissatisfaction with the Board of Directors’ decision to conceal problems in relations with the Russian Federation, a source familiar with the matter told TASS on Wednesday.

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"Russia as the bank shareholder expresses its discontent with such a decision of the EBRD Board of Directors. The EBRD management relies on considerations of data nondisclosure feasibility "in the interests of the bank." We are viewing this instead as a deliberate position of the bank’s management to conceal or not to disclose information fairly significant for bank’s operations, its financial performance and the credit rating," the source said.

Contrary to demands of Russia, neither the annual report nor any other documents related to issue prospectuses contain a position that the EBRD has a problem in relations with Russia, that the cooperation program is not implemented, lending cooperation is actually halted and nearly all interaction mechanisms and channels are frozen, he added.

The bank does not actually comply with norms of its information disclosure policy, the source said. "What is mandatory for shareholders is probably not a compulsory condition for the bank proper," he said.

Russia will raise the issue of relations with EBRD at the annual meeting of the Board of Governors in May 2017, the source added.

Russia is the EBRD member since 1992. The EBRD made a decision on "temporary suspension" of new projects funding in Russia in July 2014 on the initiative of its shareholders from the EU in connection with introduction of anti-Russian sanctions

EBRD press service refused to comment on the request from TASS.

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