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EBRD to exit stakes in Russian companies as quickly as possible.

The European Bank for Reconstruction and Development (EBRD) is working to exit its stakes in Russian companies as quickly as possible.

The relevant statement was made by EBRD President Odile Renaud-Basso, an Ukrinform correspondent reports, referring to Reuters.

“We are going to get out and phase out our portfolio as quickly as possible and we are working on it. We cannot say more,” Renaud-Basso said.

The EBRD has not put new money to work in Russia since the Kremlin temporarily occupied Ukraine’s Crimea in 2014. But, the lender still holds stakes in a number of Russian companies, including in the financial sector, such as Credit Bank of Moscow and the Moscow stock exchange MOEX.

A reminder that, on February 24, 2022, Russian President Vladimir Putin initiated a full-scale invasion of Ukraine, starting a war. Russian troops are shelling and destroying the key infrastructure facilities, launching missile and air strikes on Ukrainian cities and villages, torturing and murdering civilians.

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