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RIYADH: The European Bank for Reconstruction and Development, known as EBRD, is pressing ahead with its plans to exclude the Russian Federation and Belarus from receiving funding for the projects.

The EBRD board of governors has approved tough measures against the Russian Federation and Belarus after the invasion of Ukraine.

The access of the Russian Federation and Belarus to the bank’s resources will be officially suspended with immediate effect, which means that there can be no new financing for projects or cooperation activities in either country.

Moreover, the bank takes advantage of all rights to suspend or cancel further financing payments on existing projects.

It also announced that it is in the process of closing its resident offices in both Moscow and Minsk.

“It is sad that we have come to this point after so many years of cooperation and activity in both countries,” EBRD President Odile Renaud-Basso said.

However, the Russian-led war on Ukraine has left us no choice but to show our condemnation with more than just words.”

The bank is now focusing on delivering a €2 billion ($2.2 billion) support package to Ukraine and other countries in the region directly affected by the refugee crisis.

In addition, the bank will provide fast-track financing to enable Ukrainian companies to obtain liquidity support, loan deferrals and trade finance, and companies will be helped to transition to continue their operations.

The bank also pledged to participate in the reconstruction program for Ukraine.