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Report: Russia questions EBRD's lending ban

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Report: Russia questions EBRD's lending ban

Russia has written to the European Bank for Reconstruction & Development'sboard of directors questioning the bank's internal procedures as it looks toreverse the EBRD's lendingban on Russia, Reuters reported July 8.

The EBRD's managing director for communications, JonathanCharles, noted that the letter was not about taking legal action against the bankand that the inquiry was a matter of discussion for the board of directors,according to the newswire. The lender suspended its activities in Russia inJuly 2014, due to the country's involvement in the Ukraine crisis.

An EBRD source told the newswire that Russia is expected toformally raise the discussion at the EBRD's next directors meeting on July 19,as it believes the country's rights have been infringed. To overturn the ban, amajority of the lender's directors would have to vote in favor of the motion tooverturn. Members' votes have different weights, depending on their countries'EBRD shareholding.

The EU recently extended economic sanctions against Russia for anothersix months, until Jan. 31, 2017.