The Board of Directors of the European Bank for Reconstruction and Development (EBRD) has agreed with a management proposal to take steps in responding to the Russian-led invasion in Ukraine, the international financial organization said in a press release.

If approved by the Governors, the access of Russia and Belarus to EBRD finance and expertise would be suspended open-endedly.

Separately, the EBRD is also exploring, in cooperation with our partners, an emergency financing package for the region. Included could be liquidity support for the private and public sector, and municipalities affected by an influx of refugees. It would be a tangible symbol of support for Ukraine and other Countries of Operations caught up in the crisis.

The EBRD has not invested in new projects in Russia since 2014 and in Belarus since 2020.