Russia plans to give up its controlling stake in Eurasian Development Bank (EDB), author Bloomberg cites.
EDB is an international financial institution that aims to promote the economic growth of the member states of this structure. In addition to Russia, these are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Tajikistan.
It is stated that Moscow, together with Minsk, plans to reduce its share in the authorized capital to 50%. Kazakhstan can become a new shareholder. To date, the shares in the authorized capital of EDB are distributed as follows: Russia owns 65.97%, Belarus – 1%, Kazakhstan – 32.99%.
Bloomberg explained Moscow’s intentions with a desire to be safe in case of sanctions by the US and the European Union for military operations in Ukraine. Many Russian-backed organizations have already been subject to sanctions, so the country wants to eliminate the risks in the situation with the creditor.
In mid-July, EDB analysts conducted a review on the state of the region’s economies. You said The view that the strengthening of the ruble against the dollar in the second quarter of 2022 may have “concrete and uncertain consequences” for the economies of Belarus, Kazakhstan, Armenia and Kyrgyzstan, which together with Russia form the Eurasian Economic Union (EAEU).