The Finance Ministry announced plans to fully restore the work of the EBRD in Russia


As have informed Agency “RIA Novosti” head of Department of international financial relations Ministry of Finance of the Russian Federation Andrey Bokarev, the question of the restoration of the Bank’s activities in Russia, Moscow intends to bring to the Bank’s Board in may. “Apparently, this is the date that should be considered as a starting point for the next round of discussion,” he said on the sidelines of the Gaidar forum.

Bokarev also answered the question of whether to solve the question of the return of the EBRD in Russia, by the Bank or will need to appeal to international courts. “If the Bank itself decides on the level of the manual exemption or other immunity to a certain extent, to involve the Bank in litigation almost impossible. This is for any process, it is normal international practice. Therefore, to talk about the prospects for any trials not necessary,” — said the official.

In July 2014 the EBRD Board of Directors representing interests of shareholders of the Bank, decided to halt all new EBRD operations in Russia. The decision was taken in the form of “guidance” (guidance), in coordination with the European Council of the European Union, which earlier agreed on another round of sanctions against Russia for “actions that undermine the sovereignty, territorial integrity and independence of Ukraine”.

Russia believes that the Bank actually suspended her access to the resources of the Bank, but it is contrary to article 8.3 of the constitutive agreement — it States that the Board of Directors may consider the suspension of access, “if any member has pursued policies incompatible with article 1, <…> or in case of emergency”. Article 1, in turn, defines the purpose of the EBRD as “facilitating the transition to an open economy, market-oriented, as well as the development of private and entrepreneurial initiative in the countries of Central and Eastern Europe, is committed to the principles of multiparty democracy, pluralism and market Economics”.

  

Source