World

World Bank halts all projects in Russia, Belarus with ‘immediate effect’

World Bank halts all projects in Russia, Belarus with ‘immediate effect’
Russian invasion of Ukraine has infuriated many globally active government bodies, industrial entities, and countries resulting in serious steps on restricting Russian business or military.

The World Bank, a U.S-based international financial institution, has announced that it will no longer support any programs and projects in Russia as well as Belarus with “immediate effect” in response to the military operations deployed by Moscow in Ukraine.

According to the international financial institution, for the last 8 to 9 years the World Bank has not approved any new loan applications or backed investments in Russia.

Even in case of Belarus, the loan provider has not participated in any form of lending to the European country since mid-2020.

After Russia executed invasion of Ukraine and continued to remain hostile with the Ukrainian people, the World Bank – in an attempt to express displeasure with the ongoing global event – stopped all fundings provided to Russian and Belarusian projects with immediate effect.

Besides abandoning Russia, World Bank announced its plans to offer a support package worth $3 billion to support Ukraine in the upcoming months, whereas the International Monetary Fud (IMF) is assembling an emergency assistance to help the country.

It has been reported that the Russian forces ordered the launch of military operations in Ukraine last week, once Moscow green signalled by recognizing Ukraine’s breakaway regions, namely Donetsk and Luhansk as independent lands.

After this, various countries came forward condemning Russia’s military operations in Ukraine and imposed sanctions on Moscow.

Countries like Canada, the U.S., the UK, and the European Union have also assured Ukraine to provide military assistance or other form of aid in fight against Russia.

Meanwhile, the U.S., European, and Canadian allies have also agreed to abandon key Russian banks from the interbank messaging system SWIFT, which will prohibit Russian financial institutions from communicating securely with other international banks.

Source Credits: https://www.business-standard.com/article/international/world-bank-stops-all-projects-in-russia-belarus-with-immediate-effect-122030300148_1.html

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ahadmin has been a part of the content industry for close to two years. Having previously worked as a voice over artist and sportswriter, he now focuses on writing articles for alpenhornnews.com, across a slew of topics, ranging from technology to trade and finance. With a business-oriented educational background, Sunil brings forth the expertise of deep-dive research and a strategic approach in his write ups.