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European Bank for Reconstruction and Development to close most offices in Russia

By Reporter
05/10/2017, 6:00 am
Oil storage tanks stand illuminated at night in the central processing plant for oil and gas at the Salym Petroleum Development oil fields near the Bazhenov shale formation in Salym, Russia, on Tuesday, Feb. 4, 2014. Salym Petroleum Development, the venture between Shell and Gazprom Neft, has started drilling the first of five horizontal wells over the next two years that will employ multi-fracturing technology, according to a statement today. Photographer: Andrey Rudakov/Bloomberg
Oil storage tanks stand illuminated at night in the central processing plant for oil and gas at the Salym Petroleum Development oil fields near the Bazhenov shale formation in Salym, Russia, on Tuesday, Feb. 4, 2014. Salym Petroleum Development, the venture between Shell and Gazprom Neft, has started drilling the first of five horizontal wells over the next two years that will employ multi-fracturing technology, according to a statement today. Photographer: Andrey Rudakov/Bloomberg

The European Bank for Reconstruction and Development (EBRD) will shut five of its seven offices in Russia next year as its projects are drying up following Russia’s annexation of Crimea in 2014, according to reports.

The EBRD, which largely focuses on infrastructure development, announced in July 2014 after the European Union imposed economic sanctions on Russia that it would not make any new investments in the country.

The Interfax news agency quoted Anton Usov of the bank’s branch for the former Soviet Union as saying that the bank would close five of its seven offices in Russia next year because some of the projects it was pursuing were nearing completion.

The bank currently has investment projects worth 3.3 billion euro (£2.9 billion).