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Budapest. Russian ‘spy bank’ flees Hungary to Russia amid US sanctions

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The International Investment Bank (IIB), dubbed Russia’s “spy bank”, has begun the process of moving its headquarters from Budapest to Russia, the institution announced on its website. This decision is related to the fact that the bank was subject to US sanctions.

“Due to the actual termination of membership Hungarian in the International Investment Bank, he exhausted the basis for further activity in Budapest and the European Union. The bank began relocating its operations and head office functions from Hungary to Russiathe institution announced on Wednesday.

The bank has notified the Hungarian government that it has started the immediate process of terminating the agreement on its headquarters in the Hungarian capital, to which it moved in 2019.

Ambassador last week USA in Budapest, David Pressman announced at a press conference that the bank and individual persons in its management (including the bank’s vice-president Imre Laszloczki, former Hungarian ambassador to Kazakhstan and Azerbaijan) were sanctioned. Therefore, Hungary decided to withdraw its representatives from the institution.

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IBB headquarters in BudapestIBB

The International Investment Bank was founded in 1970 by the countries of the Council for Mutual Economic Assistance (Comecon), an organization coordinating economic cooperation between countries dependent on the USSR. Initially, its headquarters was located in Moscow, but in 2019 it was moved to Budapest.

After the Russian aggression on Ukraine The Czech Republic, Slovakia, Bulgaria and Romania announced their withdrawal from the IIB. Currently, Hungary is de facto the only country in the European Union that belongs to the bank. The other members are Cuba, Mongolia, Russia and Vietnam.

Main photo source: IBB

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