Czechs, Poles, Slovaks exit from Russia-dominated development banks

Poland and Slovakia have also completed their withdrawal, while Romania will exit in June and Bulgaria is expected to follow at some point this year, the Czech ministry said in a statement. "Last week, after 33 years, the Czech Republic left two post-Soviet banks, the International Bank for Economic Cooperation and the International Investment Bank," Czech Finance Minister Zbynek Stanjura told a news conference.

The Czech Republic, Poland and Slovakia have completed their withdrawal from two international development banks with majority Russian ownership and roots in the Soviet era, the Czech Finance Ministry said on Wednesday.

The Czechs began to exit the Budapest-based International Investment Bank (IIB) and the Moscow-based International Bank for Economic Co-operation (IBEC) at the start of 2021 and vowed to speed up the process after Russia attacked Ukraine last February. Poland and Slovakia have also completed their withdrawal, while Romania will exit in June and Bulgaria is expected to follow at some point this year, the Czech ministry said in a statement.

"Last week, after 33 years, the Czech Republic left two post-Soviet banks, the International Bank for Economic Cooperation and the International Investment Bank," Czech Finance Minister Zbynek Stanjura told a news conference. He said the government had so far failed to agree the terms of recovering its share of the banks' paid capital, worth a total of 64 million euros.

"A settlement agreement has not been reached at the two post-Soviet banks, in the case of IIB mainly due to the very unforthcoming stance of the bank's leadership and the remaining members led by Russia," Stanjura said in a statement. A spokesperson at IIB was not immediately available for comment and neither bank immediately responded to an emailed request for comment.

Stanjura said the Czech Republic would consider legal steps, including arbitration, in the absence of a "realistic agreement" with the banks.

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