The Board of Directors of the European Bank for Reconstruction and Development has agreed with a management proposal to take steps in responding to the Russian-led invasion in Ukraine.
They voted in large numbers to ask Governors to approve firm action against both Russia and Belarus.
If approved by the Governors, the access of Russia and Belarus to EBRD finance and expertise would be suspended open-endedly.
Governors will have thirty days to vote on this resolution under Article 8.3 of the Articles Establishing the Bank, the constitution of the EBRD, which makes provision for the suspension of access by a member to Bank resources in 'exceptional circumstances'.
To pass the resolution under Article 8.3 requires the support of a majority of not less than two thirds of the Governors, representing not less than three fourths of the total voting power of members.
Separately, the EBRD is also exploring, in cooperation with our partners, an emergency financing package for the region. Included could be liquidity support for the private and public sector, and municipalities affected by an influx of refugees.
It would be a tangible symbol of support for Ukraine and other Countries of Operations caught up in the crisis.
The Bank has made clear its condemnation of the invasion and its unwavering support for Ukraine.