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Russia to object to EBRD lending freeze at May meeting - source
March 1, 2017 / 7:00 PM / 7 months ago

Russia to object to EBRD lending freeze at May meeting - source

MOSCOW, March 1 (Reuters) - Russia will raise objections to a lending freeze by the European Bank for Reconstruction and Development at the bank’s annual meeting in Cyprus in May, a Russian government source told Reuters on Wednesday.

The EBRD banned new investments in Russia in 2014 in response to Russia’s annexation of Ukraine’s Crimea peninsula in March that year.

Russia, whose economy has been starved of foreign investment since the Ukraine conflict, tried and failed last year to overturn that ban.

“Our position is that it is flawed to say there were no violations in the decision to stop new operations in Russia,” the government source said.

A spokesman for the EBRD declined comment.

Russia wanted the EBRD to mention its objections to the lending freeze in its annual report for 2016 and believes the development bank is trying to hush up the conflict between the two sides, the Russian government source said. (Reporting by Alexander Winning; Additional reporting by Marc Jones in London; Editing by Andrew Osborn)

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