The government has decided to recall its delegates from the Russian-controlled International Investment Bank following US sanctions on Wednesday, the Economic Development Ministry confirmed on Thursday.
The Hungarian government discussed the situation and decided that, although the international bank played an important role in the development of Central and Eastern Europe in the past, the sanctions imposed on the bank have rendered its operation meaningless, the ministry said in a statement, EURACTIV’s partner, Telex.hu reported.
On Wednesday, the US imposed sanctions on three top officials of the Russian-controlled International Investment Bank in Budapest.
The presence of any “Kremlin-led platform” in Europe is a “potential threat” to both the EU and its Western allies, said US Ambassador to Hungary David Pressman, adding that the bank was “Moscow’s tool” to increase influence in Hungary and the region.
Hungary is the last EU member state to leave the Russian-influenced group, although, by the start of this year, its stake in the bank rose to over 25%.
(Sofia Stuart Leeson & Telex.hu)
Source: euractiv.com
