Indicator - Economy - Five countries from the Eastern European Union exit from the International Investment Bank

Indicator – Economy – Five countries from the Eastern European Union exit from the International Investment Bank

Romanian Finance Minister Adrian Cassio has announced that he will coordinate Bucharest’s move with Poland, the Czech Republic, Slovakia and Bulgaria, MTI writes.

Romania strongly supports the EU sanctions against Russia a Adrian Casio He said that he considered it important for all member states to contribute to protecting the core values ​​of the European Union in this crisis, adding that quick solutions must be found to share the burdens and risks arising from this crisis.

After Russia, Hungary has the largest ownership stake in the International Investment Bank, which the opposition calls Putin’s “spy bank”.

In addition to Romania, the Czech Republic, Bulgaria, Poland and Slovakia have also begun to withdraw from the bank. Prague had already begun the exit process last Thursday, and had asked other eastern European countries to do the same.

At the end of last year, Russia’s stake in the ICC was 47.45 percent, and the majority of ownership was distributed among the other eight members, Hungary, Bulgaria, Vietnam, Cuba, Mongolia, Romania, the Czech Republic and Slovakia. Hungary’s share has grown to more than 17 percent in recent years. The government has not yet indicated that it plans to take a similar step as other Eastern European countries.

The list of shareholders of the International Investment Bank, which is currently operating in Budapest and founded in 1970, includes Bulgaria, Cuba, the Czech Republic, Hungary, Mongolia, Romania, Russia, Slovakia and Vietnam. IBEC is the clearing and finance bank for the former COMECON Corporation, headquartered in Moscow, with shareholders in Russia, Bulgaria, Poland, Romania, Slovakia, the Czech Republic, Mongolia and Vietnam.

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(Cover photo: Chain Bridge Palace, headquarters of the International Investment Bank (NBB), built in neo-Renaissance style according to plans by Miklós Ybl, headquarters of Chain Bridge Corporation. Photo: Zoltán Nagy/MTVA/MTI)

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