Hungary pulls out of sanctioned International Investment Bank
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Hungary has ceased to be a member of the International Investment Bank (IIB; ITB), the newspaper was told Vilggazdasg in the government of the republic. Budapest made this decision after the United States imposed blocking sanctions on the organization.
International investment bank – a supranational financial organization established in 1970 by the member states of the pro-Soviet Council for Mutual Economic Assistance. In 2019, the organization moved its headquarters from Moscow to Budapest. Currently, Vietnam, Cuba, Mongolia, Russia and Romania remain members of the IIB.
The Hungarian Cabinet indicated that the IIB played an important financial role in Central and Eastern Europe. Nevertheless, “in the light of the events of recent days,” the organization cannot continue its normal work.
“Therefore, the government recalls persons who held positions in the International Investment Bank and were delegated there by the Hungarian state, and withdraws from the financial organization,” the government said.
The Office of Foreign Assets Control (OFAC) of the US Treasury has listed the IIB as sanctions list the day before, 12 April. The head of the bank, Nikolai Kosov, and his deputies, Georgy Potapov and Imre Laslotsky, also fell under the sanctions.
At OFAC considered organization pro-Russian and pointed out that the IIB served Moscow as a mechanism for corruption, illegal financing and sanctions circumvention. Together with the IIB, its subsidiary in Moscow, MIB Capital, was included in the sanctions list.
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