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The European Bank for Reconstruction and Development forecasts to suffer a record loss in 2022 due to the significant blow caused by the war in Ukraine to its portfolio holdings in Russia and Belarus, Reuters reported citing EBRD President Odile Renaud-Basso.
The bank had around $1 billion in its Russia and Belarus-focused portfolio before Russia unleashed its full-scale war against Ukraine. This portfolio is “fully provisioned”, according to Renaud-Basso, who spoke to Reuters on the sidelines of the World Economic Forum’s annual meeting in Davos on Jan. 19.
According to the EBRD chief, the record loss would follow the record profit the bank experienced the previous year.
The bank is committed to sending 3 billion euros to Ukraine by the end of this year, she said. Ukraine had already received part of this installment amounting to 1.7 billion euros last year.