Russian International Investment Bank flees Hungary to Russia after being sanctioned
The sanctions list also includes the bank's management and its subsidiary
Russia's International Investment Bank (IIB) will move its headquarters from Hungary back to Russia after being hit by US blocking sanctions, according to an IIB statement cited by Finmarket.
The IIB's headquarters was moved from Moscow to Budapest in 2019.
"Taking into account the actual termination of Hungary's membership in the International Investment Bank, the grounds for further operation of the IIB from its headquarters in Budapest and in the European Union have been exhausted. The Bank has begun to transfer its operations and headquarters functions from Hungary to Russia," the statement said.
The International Investment Bank was sanctioned by the United States on April 12. The list also included the bank's chairman Nikolai Kosov, deputy chairmen of the bank's board Georgy Potapov and Imre Laslotsky, and the bank's Russian subsidiary MIB Capital was also sanctioned.
Until now, the bank's members were Russia, Hungary, Bulgaria, Vietnam, Cuba, Mongolia, and Romania. However, in addition to Hungary, Romania (on June 9) and Bulgaria (on August 15) previously announced their withdrawal from IIB shareholders. Prior to that, the Czech Republic and Slovakia withdrew from the shareholders.
Hungary announced that it would stop participating in the IIB after the United States imposed sanctions on the bank.
As reported, Hungary is withdrawing from the Kremlin's International Investment Bank after pressure from the United States.
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