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Bulgaria leaves two international banks with Russian participation

published on 5/10/23 1:42 PM

Rositza Velkova

Photo: BGNES - archive

Bulgaria is withdrawing its representatives on the boards of the International Investment Bank and the International Bank for Economic Cooperation, Finance Minister Rositza Velkova told the National Assembly.

The United States imposed sanctions on the International Investment Bank in Budapest in April following Russia's aggression in Ukraine. Currently, at each meeting of the leadership of the two institutions, the Council of Ministers determines Bulgaria's position and a representative to state it, Ms. Velkova explained.

Bulgaria will leave the International Investment Bank and the International Bank for Economic Co-operation by 17 August. The country has already sent formal letters demanding to be paid its shares of the companies' in-kind capital.

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Radio Bulgaria News International Bank for Economic Cooperation International Investment Bank Rositza Velkova Russia sanctions

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