Skip to Content
AP National Business

Hungary to pull out of Russia-linked bank after US sanctions

KION
By
Published 8:07 AM

By JUSTIN SPIKE
Associated Press

BUDAPEST, Hungary (AP) — Hungary is withdrawing its membership in a Russia-controlled investment bank a day after the United States issued sanctions against the Budapest-based financial institution. The decision, announced on Thursday by Hungary’s Ministry of Economic Development, came in response to the U.S. Treasury Department placing sanctions on the International Investment Bank, which relocated its headquarters to Hungary’s capital from Moscow in 2019. In a statement, the ministry said that the U.S. sanctions had “rendered the bank’s operations meaningless,” and Hungary would withdraw its delegates. Hungary’s stake in the bank and its location in Budapest had led to frustration from U.S. officials who argued it could serve as a conduit for Russian espionage within the European Union and NATO.

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

KION 46 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content