Tuesday, May 17, 2022
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Russia Ukraine War: World Bank stops all projects in Russia, Belarus with ‘immediate effect’

The World Bank on Wednesday (local time) has stopped all its programs in Russia and Belarus with “immediate effect” in response to Moscow’s military operations in Ukraine.

“The World Bank Group has not approved any new loans to or investments in Russia since 2014. There has also been no new lending approved to Belarus since mid-2020,” the international financial institution said in a statement.

Following the Russian invasion of Ukraine and hostilities against the people of Ukraine, the World Bank Group has stopped all its programs in Russia and Belarus with immediate effect, the statement added.

Meanwhile, World Bank on Tuesday announced that it is preparing a USD 3 billion support package for Ukraine in the coming months, while the IMF also is preparing to provide emergency assistance to the country.

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