Poland withdrew from the International Bank for Economic Cooperation
“On January 29, 2023, Poland ceased to be a member of the International Bank for Economic Cooperation (IBWG). After the aggression of the Russian Federation against Ukraine in February 2022, Poland began a formal process leading to withdrawal from this Bank, which is based in Moscow, and Russia is one of its main shareholders,” the Ministry of Finance announced on Tuesday.
The ministry explained that Poland, together with other EU countries that are members of the IBWG – i.e. the Czech Republic, Slovakia, Bulgaria and Romania – announced their intention to leave the Bank. After these countries leave, Russia, Mongolia and Vietnam will remain in the Bank.
“The Act on termination of the Agreement on multilateral settlements in transfer rubles and on the establishment of the MBWG was adopted on May 26, 2022. Poland notified the termination of this agreement on July 28, 2022. Since then, activities have been carried out at the Bank’s forum to agree on the rules of exit and financial settlement in the scope of receivables and liabilities, in particular with regard to Poland’s share in the Bank’s capital.
It added that the issue of settlements will be the subject of a separate agreement, which can be expected to be concluded within a few months.
As we wrote last year, MBWG is a financial institution de facto controlled by Russia, whose main objective is to support economic growth and sustainable development of member countries as well as economic and trade cooperation.
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