World Bank stops all projects in Russia, Belarus with ‘immediate effect’ | Russia-Ukraine war: World Bank closes all dealings with Russia and Belarus

The World Bank has said it will suspend all dealings with Russia and its Russian ally Belarus in protest of the Russia-Ukraine war. The decision comes in the wake of the war, in which various countries and organizations severed trade and industry ties and imposed sanctions. The World Bank has taken action against Belarus for its support of Russia.

The World Bank has not approved any new loans or investments to Russia since 2014. Similarly, Belarus has not been granted a new loan since the 2020 presidential election. World Bank President David Malpas has condemned the Ukraine-Russia war. He added that they are a long-term partner of Ukraine and therefore stand by its people at this crucial moment.