EBRD to shut down five of seven offices in Russia in 2018

Source : 112 Ukraine

Moscow and Saint Petersburg offices will continue working, the Bank’s representative says
10:48, 4 October 2017

112 Agency

Managers of the EBRD intend to close most of the Bank’s offices in Russia next year. Jonathan Charles, the EBRD representative said that as quoted by Radio Liberty.

The reason is that the financial entity banned further investment loans in Russia; the decision was made after the beginning of the Russian aggression in Donbas and Crimea in spring 2014.

The bank will shut down offices in Yekaterinburg, Krasnoyarsk, Rostov-on-Don, Vladivostok and Samara; the ones in Moscow and Saint Petersburg will keep on working, Charles said.

Russia’s representative in the EBRD Denis Morozov expressed regret on the fact that ‘this bank lost Russia, which was its largest and the most profitable market’. ‘It cannot live up to its mandate anymore, helping change Russia for the better,’ he said.

Related: Naftogaz risks to lose financing of EBRD and World Bank

Related: EBRD regrets dismissal of independent members of supervisory board from Naftogaz

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