Hungary has become the latest European Union member state to withdraw from the International Investment Bank (IIB), which has been dubbed a “Russian spy bank” due to its close ties to the Russian Federation.
Source: “European truth” with reference to statement about the withdrawal of Hungary, which the portal drew attention to HVG.hu
Details: The statement said that the Board of Directors of the International Investment Bank made several decisions “aimed at further stabilizing the bank, in particular the restoration of corporate governance and the relocation of the bank’s headquarters from Budapest.”
They added that the IIB is completely excluded from the European financial market due to sanctions of the European Union and does not have access to its own assets and funds in the territory of the association.
The statement states that Hungary officially withdrew from the IIB on October 19 – six months after announcing this move.
The International Investment Bank is a multilateral development institution created by countries of the former Eastern Bloc in 1970. The bank’s goal is to promote the economic development of member states, primarily by providing concessional loans to established companies or projects.
The bank had almost 50% Russian ownership and lacked supervision from the Hungarian authorities. US Treasury back in April 2023 announced sanctions against the bank due to the fact that his presence in Budapest allowed the Russian Federation to strengthen its intelligence presence in Europe.
In February, Bulgaria said it would withdraw as a shareholder of the International Investment Bank. Slovakia, Czech Republic and Romania withdrew from the bank’s shareholders last year.
2023-10-26 20:33:09
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