EBRD to relaunch its operations in Russia

Citing its unknown source Russian newsagency Gazeta reports the European Development Bank will be reopened in Russia in 2017
EBRD to relaunch its operations in Russia
21 September 10:37 2016 Print This Article

The European Bank for Reconstruction and Development (EBRD) might be reopened in Russia in 2017, reports Russian newsagency Gazeta on Tuesday citing its unknown sources close to the bank.

Back in July 2014, the EBRD suspended its operations in Russia following the EU’s decision to impose sanctions. However, the EBRD still maintained offices in four cities of Russia and whilst new projects were put on hold, previously signed contracts are still being carried out.

According to the Gazeta’s source, the bank will begin discussions on restarting operations in the country already this winter. The reopening of the EBRD’s operations would be preceded by the bank evaluation of the state of the Russian economy which is supposed to be presented in London in November together with macroeconomic reports for other countries where the bank operates. Gazeta cites a source as saying that the reports might also be presented in Moscow lately.

All decisions to whether suspend or re-initiate trade are taken by the board of directors of the bank which is made up of representatives from 64 countries, including Russia. According to Gazata source, representatives of several countries already speak out in favor of this move.

The bank neither confirmed nor declined these rumors; while the bank’s representative for Russia and the former Soviet Union Anton Usov said that the status quo is still upheld. Russia’s Ministry for Economic Development also declined to comment on the matter, reports Gazeta.

This summer, Russia’s Economic Development Minister Aleksei Uliukayev formally requested the EBRD to re-launch operations in Russia claiming that its suspension violates Russia’s rights as a shareholder with a 4% stake.

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