Hungary to pull out of Russia-linked bank after US sanctions
Hungary is withdrawing its membership in a Russia-controlled investment bank a day after the United States issued sanctions against the Budapest-based financial institution
BUDAPEST, Hungary (AP) — Hungary is withdrawing its membership in a Russia-controlled investment bank a day after the United States issued sanctions against the Budapest-based financial institution.
The decision, announced on Thursday by Hungary's Ministry of Economic Development, came in response to the U.S. Treasury Department on Wednesday placing sanctions on the International Investment Bank, which relocated its headquarters to Hungary's capital from Moscow in 2019.
In a statement, the ministry said that “although the International Investment Bank has played an important development role in Central and Eastern Europe, the U.S. sanctions have rendered the bank’s operations meaningless.”
“Therefore, the government recalls the Hungarian government’s delegates to the International Investment Bank and withdraws from the international financial institution,” the statement said.
