A freeze on new World Bank projects in Russia would be aimed at punishing President Putin’s action over Ukraine, and may affect planned spending of $1.5 billion.
This measure was agreed by deputy finance ministers from the G7 during a conference call last week, reports Bloomberg citing three government officials familiar with the plans.
The move comes amid fresh rounds of far-reaching sanctions targeting Russia’s banking, energy and defense. The EU and US have been insisting Russia was destabilizing the situation in Ukraine, even though Moscow repeatedly denied any involvement in the conflict.
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