Czechs withdraw from Russia-dominated development banks -finance minister

The Czech Republic has completed the withdrawal from two international development banks with major Russian ownership and roots in the Soviet era, Finance Minister Zbynek Stanjura said on Wednesday.

The Czechs had initiated withdrawal from the Budapest-based International Investment Bank (IIB) and the Moscow-based International Bank for Economic Co-operation (IBEC) at the start of 2021 and vowed to speed up the process after Russia attacked Ukraine last February.

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