World Bank halts all programs in Russia, Belarus with immediate effect

Reuters

Posted at Mar 03 2022 06:23 AM

A damaged Ukrainian armored vehicle in the aftermath of an overnight shelling at the Ukrainian checkpoint in Brovary near Kiev (Kyiv), Ukraine, March 1, 2022. Sergey Dolzhenko, EPA-EFE
A damaged Ukrainian armored vehicle in the aftermath of an overnight shelling at the Ukrainian checkpoint in Brovary near Kiev (Kyiv), Ukraine, March 1, 2022. Sergey Dolzhenko, EPA-EFE

WASHINGTON - The World Bank on Wednesday said it had stopped all programs in Russia and Belarus with immediate effect, following the Russian invasion of Ukraine and "hostilities against the people of Ukraine."

In a statement, the multilateral development bank said it had not approved any new loans to or investments in Russia since 2014, the year Russia annexed the Crimea region of Ukraine.

The bank said it had not approved any new lending to Belarus since mid-2020, when the United States imposed sanctions on the country over a disputed presidential election.

(Reporting by Andrea Shalal; Editing by Leslie Adler)

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