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No EC confirmation yet EU will discuss EBRD, EIB financing freeze for Russia

July 16, 2014, 15:03 UTC+3 BRUSSELS
Earlier on Wednesday a list of additional sanction measures for summit consideration leaked to the European press
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© ITAR-TASS/Maxim Nikitin

BRUSSELS, July 16. /ITAR-TASS/. The European Commission has not yet confirmed the EU summit will consider suspension of financing of projects in Russia by the European Bank of Construction and Development (EBRD) and European Investment Bank (EIB).

The spokeswoman Pia Ahrenkilde Hansen declined to comment on the leaks and said the president of the European Council Herman Van Rompuy would organize a discussion of possible new sanctions against Russia on Wednesday, while the EU leaders would decide.

Earlier on Wednesday a list of additional sanction measures for summit consideration leaked to the European press. The measures have been proposed by the European Committee of Permanent Representatives (COREPER).

According to the list, the EU summit will consider the possibility of freezing EBRD and EIB financing of new state projects in Russia. Last year, the banks allocated about $2.5 billion and $1.4 billion respectively for these purposes. According to the preliminary information, financing of the ongoing projects will continue uninterrupted.

The document also suggests suspending financing under the EU support programs, except projects aimed to support civil society. These programs up to 2020 amount to 447 million euros.

The summit has also been reported to instruct the EC to consider possible actions to block foreign investments in the economy of Crimea.

In Crimea, the EU consistently pursues the so-called non-recognition strategy. Under this program, the EU already banned Crimean export not certified in Ukraine to Europe in June and proposes to expand the prohibitive measures onto investments, transport, visa policy etc.

The EU leaders can also discuss expansion of the black list for Russia and include in it several companies allegedly disrupting Ukraine’s sovereignty.

All these measures prepared by the EC and the European External Action Service in May comprise a soft package of sanctions that can be adopted instead of full-scale trade and economic sanctions against the Russian economic sectors insisted by the US.

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