Russian Challenge to EBRD Freeze Hits Geopolitical Wall
- London-based lender has halted new projects since 2014
- Russia remains at odds with the West over Ukraine, Syria
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A Russian challenge to the European Bank for Reconstruction and Development’s funding freeze was rejected by shareholders who remain opposed to many of the nation’s foreign policies.
Economy Minister Maxim Oreshkin questioned the legitimacy of the 2014 decision to halt new Russian projects when the EBRD’s board met Wednesday in Cyprus, saying the bank violated its own rules. The London-based bank’s portfolio in Russia has almost halved, to 3.7 billion euros ($4.1 billion), since the end of 2014.