Wednesday 25 April 2018

European development bank to close most offices in Russia

The bank said projects have dried up since the annexation of Crimea in 2014
The bank said projects have dried up since the annexation of Crimea in 2014

The European Bank for Reconstruction and Development (EBRD) will shut five of its seven offices in Russia next year as its projects are drying up following Russia's annexation of Crimea in 2014, according to reports.

The EBRD, which largely focuses on infrastructure development, announced in July 2014 after the European Union imposed economic sanctions on Russia that it would not make any new investments in the country.

The Interfax news agency quoted Anton Usov of the bank's branch for the former Soviet Union as saying that the bank would close five of its seven offices in Russia next year because some of the projects it was pursuing were nearing completion.

The bank currently has investment projects worth 3.3 billion euro (£2.9 billion).

Press Association

Today's news headlines, directly to your inbox every morning.

Editors Choice

Also in World News