World Bank suspends all programs in Russia and Belarus

The World Bank (WB) announced on Wednesday the suspension with “immediate effect” of all its programs in Russia and Belarus for the Russian military invasion of Ukraine
“As a result of the Russian invasion of Ukraine and hostilities against the people of Ukraine, the World Bank has halted all its programs in Russia and Belarus with immediate effect,” the bank said in a statement.
The institution said it had approved new loans to Russia since 2014, when Moscow invaded Ukraine’s Crimean peninsula.
On the other hand, the World Bank reported that its last approved project with Belarus, whose government is an ally of Moscow and has facilitated the transit of Russian military to Ukraine, is from mid-2020.
The announcement comes a day after World Bank President David Malpass revealed that the body is preparing a $3 billion emergency assistance package to Ukraine.
In a joint statement with International Monetary Fund (IMF) Managing Director Kristalina Georgieva, Malpass warned Tuesday of the “significant economic effects” on other countries of the conflict and sanctions imposed on Russia.
Among these effects, both cited the rise in commodity prices and the risk of accelerating inflation.
“Disruptions in financial markets,” they added, “will continue to worsen if the conflict persists.”
After months of tension, Russia launched a military operation in Ukraine on Wednesday, to which the international community, led by the US and the European Union (EU), has responded with harsh economic sanctions on Moscow to suffocate the Russian economy.
More than 2,000 Ukrainian civilians have been killed since the invasion began, Ukraine’s State Emergency Service said Wednesday.
For its part, the Russian Defense Ministry today admitted the death of 498 Russian soldiers in the war, in addition to 1,597 wounded soldiers.
The United Nations Refugee Agency (UNHCR) estimates at 874,000 the number of Ukrainians who have fled the war since the invasion began, most to western neighbors such as Poland, Moldova or Romania.

Original source in Spanish