Economics
Russia Recalling $245 Million From IFC Fund After Sanctions
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Russia is pulling $245 million from a fund run by the International Finance Corp. as sanctions imposed over Ukraine halt investment by the member of the World Bank Group.
Vnesheconombank anticipates the return of $203 million by the end of June after requesting its money back from the IFC Russian Bank Capitalization Fund last October, the state development lender known as VEB said April 10 in an e-mailed reply to questions. The Finance Ministry this year asked the government to allow it to withdraw about $42 million, Sergey Storchak, a deputy finance minister, said in an interview.