Skip to content
Edit post

Hungary to cease cooperation with Russian-owned bank after sanctions

by The Kyiv Independent news desk April 13, 2023 9:42 PM 1 min read
This audio is created with AI assistance

Hungary will cease cooperation with the Russia-owned International Investment Bank following sanctions imposed on the financial institution by the U.S. Treasury, business news outlet Világgazdaság reported on April 13.

The U.S. Treasury announced additional sanctions on April 12 to limit "Russia’s access to the international financial system through facilitators and their businesses."

According to the U.S. Treasury's statement, International Investment Bank's continued presence in Hungary "enables Russia to increase its intelligence presence in Europe, opens the door for the Kremlin’s malign influence activities in Central Europe and the Western Balkans, and could serve as a mechanism for corruption and illicit finance, including sanctions violations."

Bulgaria, Czechia, Romania, and Slovakia ceased all cooperation with IIB, the U.S. Treasury wrote. Hungary is the last European country to do so.

Russia owns nearly 50% of the bank, which was originally founded by countries of the former Warsaw Pact in 1970 and has been headquarted in Budapest since 2019, Világgazdaság wrote.

Hungary's decision to seize cooperation with IIB was influenced by several contributing factors, including western sanctions imposed on Russia following its full-scale invasion of Ukraine and the bank's looming insolvency threat, according to unnamed sources cited by Világgazdaság.

Hungary has been under fierce criticism from fellow European Union member states for its continued ties to Russia.

The news about IIB comes after Hungarian Foreign Minister Peter Szijjarto visited Moscow on April 11 to sign a new energy agreement ensuring Hungary's continued access to Russian energy sources, despite Russia's ongoing war in Ukraine.

Support independent journalism in Ukraine. Join us in this fight.
Freedom can be costly. Both Ukraine and its journalists are paying a high price for their independence. Support independent journalism in its darkest hour. Support us for as little as $1, and it only takes a minute.
visa masterCard americanExpress

News Feed

1:59 PM

Putin threatens NATO, says nuclear weapons use possible.

There will be "tragic consequences" if NATO troops are sent to Ukraine, and the West's support for Kyiv "risks a conflict using nuclear weapons," Russian President Vladimir Putin claimed during a two-hour State of the Nation address on Feb. 29.
11:31 AM

Syrskyi: Ukraine downs another Russian Su-34 jet.

Ukrainian forces shot down another Su-34 attack plane, Commander-in-Chief Oleksandr Syrskyi reported on Feb. 29, hours after Ukraine's Air Force reported that one Su-34 had been downed overnight.
Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
8:14 AM

Air Force: Ukraine downs another Su-34.

Ukrainian forces shot down another Su-34 attack plane, the Air Force reported on Feb. 29, adding another jet to the list of reported Russian aircraft losses in recent days.
3:54 AM

McConnell's exit signals shift in Republican support for Ukraine.

Senate Minority Leader Mitch McConnell's impending departure from his leadership role in November signals a significant shift in Republican support for Ukraine. McConnell has played a pivotal role in securing military assistance and funding for Kyiv, Politico reports.
10:57 PM

Parliament's website reportedly hit by cyberattack.

There are no further details on the reported cyberattack, including Verkhovna Rada’s assumptions about those involved in the hacking. At the time of publication, the link to the parliament's Telegram was already working properly.
9:22 PM

Kuleba: Albania to open embassy in Kyiv soon.

Albania is planning to open its embassy in Kyiv "soon," Ukraine's Foreign Minister Dmytro Kuleba wrote on social platform X on Feb. 28 after meeting his Albanian counterpart Igli Hasani in Tirana.

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
* indicates required
* indicates required
* indicates required
* indicates required
* indicates required


* indicates required
* indicates required


* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.