March 5, 2014 / 2:46 PM / 4 years ago

EBRD says continuing its activities in Russia

LONDON, March 5 (Reuters) - The European Bank for Reconstruction and Development said on Wednesday that it was continuing its activities in Russia, dousing talk it could be ordered out by major Western powers as punishment for Moscow’s actions in Ukraine.

“We are continuing to invest in Russia,” the EBRD’s head of communications Jonathan Charles told Reuters.

Analysts have speculated that a cut in EBRD funding in Russia could be ordered if the United States and Europe had opted to impose stringent sanctions on Russia after it took control of Ukraine’s Crimea peninsula.

Russia is where the EBRD spends the biggest proportion of its money. Of the 8.5 billion euros it invested last year, 1.8 billion went to Russian projects, bringing the overall amount it has at stake in the country to 23.7 billion euros.

According to its latest figures, 783 projects are up and running. Industry, commerce and agri-business schemes make up just under half the total, energy and infrastructure share about 30 percent and financial sector loans make up the rest. (Reporting by Marc Jones)

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