BERLIN, July 17 The head of the European
Investment Bank said on Thursday his institute would not provide
projects in Russia with funding that had been planned for this
year and the coming years now that European leaders have
expanded their sanctions on Moscow.
EU leaders said on Wednesday the new sanctions would tagret
companies that undermine Ukrainian sovereignty and asked the EIB
- the EU's bank - and the European Bank for Reconstruction and
Development to suspend new lending.
"Our task, as the EU's bank, is to implement the political
guidelines of our shareholders - the member states. So it's
absolutely clear that we will follow the decision made by the
European Council yesterday," EIB president Werner Hoyer told
He said the bank had planned to provide Russian projects
with further loans of around 600 million euros this year but
would no longer do so.
He said the bank would also no longer be able to give
projects in Russia the 700 million to 1 billion euros annually
it had planned to assign them for the coming years.
(Reporting by Andreas Rinke; Writing by Michelle Martin;
Editing by Hugh Lawson)