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Thursday, May 23, 2024

The Hungarian government withdraws from the Russian International Investment Bank. Sanction effect

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After the U.S. imposed sanctions on the Budapest-based Russian International Investment Bank (IIB) on Wednesday, Hungary’s government decided to withdraw delegates from the institution, Vilaggazdasag reported on Thursday, citing its sources.

“In the light of yesterday’s announcement, the government Hungarian reviewed the situation at the International Investment Bank (IIB) and came to the conclusion that participation in it had become pointless, so he decided to recall his delegates.

Russia currently owns more than 45 percent. shares in the bank, while the Hungarian state, the second largest shareholder, owns about 25 percent.

Kremlin platform in the heart of Hungary

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On Wednesday, the US ambassador to Budapest, David Pressman, announced at a press conference that the bank and individual members of its management (including the bank’s vice president Imre Laszloczki, former Hungarian ambassador to Kazakhstan and Azerbaijan) were sanctioned.

– The presence of this opaque Kremlin platform (IIB) in the heart of Hungary threatens the security and sovereignty of the Hungarian nation, its European neighbors and allies in FOR THIS emphasized the American ambassador.

About the International Investment Bank

The International Investment Bank was founded in 1970 by the countries of the Council for Mutual Economic Assistance, 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.

Read also: The US imposes more sanctions. On the list is a Hungarian “spy bank” linked to the Kremlin

Main photo source: IBB



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