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Bulgaria terminates its membership in two international banks

published on 1/24/23 4:52 PM

Bulgarian Parliament building

Photo: Ani Petrova, BNR

The Bulgarian Parliament has decided to terminate Bulgaria's membership in the International Investment Bank (IIB) and the International Bank for Economic Cooperation (IBEC), as the Russian Federation is the largest shareholder in both.

The Bulgarian Socialist Party and Vazrazhdane party voted against. "This is not an economic, but a purely political decision, and what worries us is what happens to the credit lines for Bulgarian companies," said Rumen Gechev from BSP.

According to Martin Dimitrov from "Democratic Bulgaria", however, there is no external pressure for the decision, and if the sanctions against the Russian Federation cover these two banking institutions, Bulgaria will be damaged.

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Radio Bulgaria News bank IBEC IIB International Bank for Economic Cooperation International Investment Bank Russia Russian Federation sanctions

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