European development bank to close most offices in Russia

October 04, 2017 - 5:58 AM

MOSCOW - Russian news agencies say the European Bank for Reconstruction and Development will shut five of its seven offices in Russia next year as its projects are drying up following Russia's annexation of Crimea in 2014.

The EBRD, which largely focuses on infrastructure development, announced in July 2014 after the European Union imposed economic sanctions on Russia that it would not make any new investments in the country.

The Interfax news agency on Tuesday quoted Anton Usov of the bank's branch for the former Soviet Union as saying that the bank would close five of its seven offices in Russia next year because some of the projects it was pursuing were nearing completion. The bank currently has investment projects worth 3.3 billion euros ($3.9 billion).

News from © The Associated Press, 2017

More News ...

JONESIE: Why Reid Hamer-Jackson can't fight city hall
OPINION I don’t live in Kamloops. Mayor Reid Hamer-Jackson’s antics have no effect on me personally, so allow me to be a bit more philosophical about it. I want to like the guy, more for what he could represent than wh

Fruit packers near Kelowna fined another $78,000
A fruit packing plant in the Ellison area east of Kelowna was hit with another $78,368 in fines for discharging effluent into a failed septic field. That’s now more than $110,000 in fines since 2022 for the same issue at Sandher Fruit

Penticton business set to launch cannabis consumption patio on 4/20
A Penticton cannabis retailer will be opening its consumption patio this weekend and the owner says it'll be the perfect spot for customers to safely enjoy a toke. Cannabis Cottage is hosting a launch party for its all-new designat

Thousands of short-term rentals in B.C. go back to long-term May 1
LANGLEY, B.C. - British Columbia Premier David Eby is warning real estate investors and speculators that his government is tilting the rules towards families seeking homes as it tightens the rules on short-term rentals. Eby said Thursday th

Popular kamloops News

How Kamloops councillors and staff have leashed the mayor
A workplace investigation into the mayor of Kamloops and how he treats staff was so secret that the City wouldn't even acknowledge its existence. Then he handed it to reporters. Re
April 18, 2024 7:00 AM
Fruit packers near Kelowna fined another $78,000
A fruit packing plant in the Ellison area east of Kelowna was hit with another $78,368 in fines for discharging effluent into a failed septic field. That’s now more than $110,000 in fi
April 18, 2024 6:00 PM
Police 'aware' of paramilitary Guardians of Humanity, not working with them
Kelowna RCMP says it’s aware that a paramilitary group is organizing in Beaverdell, but so far sees no need for action. After several weeks seeking comment from the RCMP about the Guar
April 19, 2024 7:00 AM
As Okanagan cherry trees begin to bloom, cold snap damage becomes visible
Cherry growers are seeing the damage this winter’s cold snap has done to their trees as the buds begin to bloom, but one farmer said it’s still too early to tell exactly how bad the da
April 18, 2024 4:30 PM
North Okanagan farmer sees bright future despite cancellation of spring tulip festival
A popular tulip festival in the North Okanagan won’t be happening this year due to a series of misfortunes, but the family behind it is working to keep the excitement and momentum going for
April 19, 2024 6:00 AM

Trending Now

TRENDING NOW: Googly eyes cat prank

View Site in: Desktop | Mobile

European development bank to close most offices in Russia

Trending Now

Kamloops

Kelowna

Penticton

Vernon