BREAKING NEWS

Russia's IIB says it will relocate headquarters from Budapest back to Russia

 Russia's International Investment Bank (IIB) will relocate its headquarters from Budapest back to Russia, according to a statement published on the bank's website on Wednesday.

The decision comes a week after the United States imposed sanctions on three top officials of IIB in Budapest: two Russians and a Hungarian. This led to Hungary's announcement that it was withdrawing its representatives from the bank and quitting the financial institution.

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