The World Bank announced on Wednesday that it would stop all programs in Russia and Belarus due to Russia’s invasion of Ukraine.
“Following the Russian invasion of Ukraine and hostilities against the people of Ukraine, the World Bank Group has stopped all its programs in Russia and Belarus with immediate effect,” a statement released by the bank said.
The statement added that the World Bank had not approved any new loans to or investments in Russia since 2014. “There has also been no new lending approved to Belarus since mid-2020.”
Following the Russian invasion of Ukraine and hostilities against its people, the @WorldBank Group has stopped all its programs in Russia and Belarus with immediate effect.— World Bank (@WorldBank) March 2, 2022
Our statement: https://t.co/7yPTaT7Gw0
Russia is growing increasingly isolated from the international community, specifically due to crushing economic sanctions by the West and other Asian countries.
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