World Bank says suspends programs in Russia, Belarus over Ukraine

WASHINGTON, Mar 3 (PRIME) -- The World Bank has decided to suspend all its programs in Russia and Belarus against the background of military escalation in Ukraine, the authority said in a statement on Thursday.

“The World Bank Group has not approved any new loans or investments in Russia since 2014. Also, no new loans have been approved for Belarus since mid-2020... The World Bank Group halted all of its programs in Russia and Belarus,” the statement read.

Several states across the globe, as well as the E.U. and the U.S., introduced strict economic and financial sanctions against the Russian government and state-affiliated companies and banks, and numerous companies withdrew from the Russian market over the last week amid military escalation in Ukraine.

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