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Report: EBRD has no plans to leave Russia despite sanctions

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Report: EBRD has no plans to leave Russia despite sanctions

TheEuropean Bank for Reconstruction& Development has no plans to exit Russia even though Westernsanctions imposed on the country over the conflict in Ukraine have hampered thefinancing of new projects, Bloomberg News reported April 28, citing EBRDPresident Suma Chakrabarti.

Theexecutive reportedly said that media reports on the EBRD leaving Russia are"completely wrong." Chakrabarti admitted that there has been noprogress with new projects since July 2014, but added that the EBRD still hasmore than 200 ongoing projects in Russia that need to be managed.  

In2013, the EBRD invested €1.8 billion in Russia, with the value of investmentsbetween 1991 and 2013 amounting to about €25 billion, according to the report.