Shareholders to decide whether to apply Article 8.3 of EBRD constitution
The Board of Directors of the European Bank for Reconstruction and Development (EBRD) has met to discuss events in Ukraine.
Shareholder representatives agreed with the Bank’s management to take steps in response to the crisis, including the possibility of suspending or modifying Russia's and Belarus’s access to Bank resources under Article 8.3 of the EBRD's constitution.
Proposals will be submitted to the Board next week. Any final decision would be taken by the Bank's Governors.
The EBRD has not invested in new projects in Russia since 2014. It has not invested in new projects in Belarus in recent times following the disputed 2020 presidential election in that country.
The EBRD has condemned yesterday's invasion of Ukraine and has emphasised its unwavering support for the government there and its citizens.