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International investment bank to move from Hungary to Russia due to sanctions

"International Investment Bank adheres to the policy of fulfilling its obligations and will use all available resources to protect its legitimate interests," the statement said

BUDAPEST, April 19. /TASS/. The International Investment Bank, which has been sanctioned by the US, will move its headquarters from Hungary to Russia, the bank said in a statement published on Wednesday.

The bank noted that due to US sanctions, the bank is currently unable to conduct financial transactions. "Due to the de-facto termination of Hungary's membership in International Investment Bank, IIB has exhausted basis for further operations from its headquarters in Budapest and in the European Union. The Bank has commenced a relocation of its operations and functions of its headquarters from Hungary to Russia," the statement said.

The bank propose to the Government of Hungary "to immediately start the denunciation of the "Agreement between the International Investment Bank and the Government of Hungary regarding the headquarters of the International Investment Bank in Hungary" dated February 5, 2019."

"International Investment Bank adheres to the policy of fulfilling its obligations and will use all available resources to protect its legitimate interests," the statement said.

The US Treasury announced sanctions against the International Investment Bank and its leaders, two Russian citizens and one Hungarian citizen, on April 12. According to the Treasury, the bank allows Russia to increase its intelligence presence in Europe, opens the door to the Kremlin's malign influence activities in Central Europe and the Western Balkans, and can also be used for corruption and illegal financing, including sanctions circumvention. The next day, Hungary declared that it will withdraw from the financial institution's activities.

The International Investment Bank was created in 1970 as part of the Council for Mutual Economic Assistance to give loans to the organization's member countries. In recent years, the Czech Republic and Slovakia have left the organization, while Bulgaria and Romania have stated their intention to leave. Vietnam, Cuba, Mongolia, and Russia will remain members of the bank when Central European countries exit. Meanwhile, Serbia has stated its desire to join.

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