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    European Bank for Reconstruction and Development (EBRD)

    Russia Not Yet Considering Leaving EBRD as Shareholder - Economy Minister

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    Russia is not yet considering leaving the European Bank for Reconstruction and Development (EBRD) as a shareholder, Minister of Economic Development Maxim Oreshkin said Wednesday.

    NICOSIA (Sputnik) — The bank suspended new Russian investment on the majority recommendation of the bank's 65 shareholders following the introduction of Western sanctions against Russian banks and companies in 2014.

    "These options are not yet considered," Oreshkin told reporters at the EBRD's annual board meeting in Cyprus.

    "We are saying that we will not consider proposals that will come from the bank. We believe that there is definitely no place for EBRD in the near future," Oreshkin said.

    At least four EBRD shareholders backed Moscow on the bank's decision to suspend new investment in Russia, a participant of the EBRD's annual board meeting said Wednesday.

    "It is very important that a large number of countries abstained from voting. Azerbaijan and Uzbekistan abstained publicly. Belarus, Kyrgyzstan, Armenia, Mongolia supported Russia's position," the unnamed participant told reporters.

    Related:

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    European Bank for Reconstruction and Development in Europe (EBRD), Maxim Oreshkin, Russia
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