April 19 International Investment Bank headquartered in Budapest (Hungary) announced about its transfer to Russia.
“Due to US sanctions and the inclusion of the International Investment Bank in the US OFAC SDN list, the bank is currently unable to conduct financial transactions. Given the actual termination of Hungary’s membership in the International Investment Bank, the basis for the further functioning of the IIB from the headquarters in Budapest and in the European Union have been exhausted. The bank has begun transferring operations and headquarters functions from Hungary to Russia,” the bank said in a statement.
Russian “Interfax” writes that the head office of the bank in 2019 was moved from Moscow to Budapest, and the International Investment Bank came under US sanctions on April 12. The sanctions list includes the head of the bank, Nikolay Kosov, as well as his deputies, Georgy Potapov and Imre Laslotsky. Sanctions were also imposed on the Russian “daughter” of the bank – “MIB Capital”.
“IIB specializes in medium-term and long-term financing of projects aimed at supporting the development of the economies of its member countries, the implementation of which has a significant positive social, economic and environmental effect,” – said on the bank’s website.
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