As crisis deepens, EBRD freezes new investment in Russia

The European Bank of Reconstruction and Development, or EBRD, on Wednesday froze financing of new projects in Russia amid escalating international condemnation of Russia’s alleged role in the downing of a passenger jet in eastern Ukraine.

“A majority of the board of directors of the EBRD, including all European Union member states and several non-EU shareholders, have given clear guidance to the EBRD management that, for the time being, they will be unable to approve new investment projects in the Russian Federation,” the organization said in a statement Wednesday.