The European Bank for Reconstruction and Development (EBRD) is in the process of closing offices in Moscow and Minsk, the bank said on Monday.

"The EBRD has strongly condemned the war on Ukraine and the decision to close the offices in Moscow and Minsk is the inevitable outcome of the actions taken by the Russian Federation with the help of Belarus," the bank said.

"We continue to offer our unwavering support to Ukraine and have already agreed an initial EUR 2 billion package for Ukraine and other countries which have been affected by the war," the EBRD said.

The EBRD has not invested in new projects in Russia since 2014, but was quite active in Belarus until mid-2021.