Official says no Russian projects in EBRD 2017 financial plan

MOSCOW, Oct 24 (PRIME) -- The European Bank for Reconstruction and Development’s (EBRD) financial plan for 2017 does not encompass investments in Russian projects, Deputy Finance Minister Sergei Storchak told reporters Monday.

“They have adopted a financial plan, which does not contain Russian projects,” he said.

After Western sanctions were introduced against Russia in 2014 the EBRD received recommendations from the majority of its shareholders not to consider new projects in Russia, but still continues to finance existing projects.

Media reported in July that the Russian government had prepared an application to the EBRD’s board of governors saying that a “freeze” of operations in Russia contradicts several clauses of the bank’s charter. The EBRD confirmed receiving a letter from Russia, but said there were no violations.

End