March 1 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Tuesday that it plans to suspend the access of Russia and Belarus to its finance and expertise in response to Russia's armed invasion of Ukraine.
The EBRD's board of directors voted in large numbers to ask the bank's governors to approve firm action against both Russia and Belarus, the EBRD said in a press release.
If approved by the governors, the access of Russia and Belarus to EBRD finance and expertise would be suspended open-endedly.
Governors will have thirty days to vote on this resolution for the suspension of access by a member to bank resources in "exceptional circumstances". In order to pass, the resolution requires the support of a majority of not less than two-thirds of the governors, representing not less than three-fourths of the total voting power of members.
Separately, the EBRD is also exploring, in cooperation with partners, an emergency financing package for the region. Included could be liquidity support for the private and public sector, and municipalities affected by an influx of refugees. "It would be a tangible symbol of support for Ukraine and other countries of operations caught up in the crisis," the bank said.
The EBRD has condemned Russia's invasion of Ukraine and has emphasised its unwavering support for the government there and its citizens.
The EBRD has not invested in new projects in Russia since 2014. It has also not invested in new projects in Belarus in recent times following the disputed 2020 presidential election in that country.