Czech government decides to end membership in Soviet era banks

The Czech Republic will end its membership in the International Investment Bank (IIB) and the International Development Cooperation Bank (MBHS), the government decided on Wednesday, citing Russia’s attack on Ukraine and the option that these banks could give the aggressor state to bypass sanctions as the reason. Prime Minister Petr Fiala said that these banks were set up when Prague was still part of Comecon, during Communism.

The Czech Ministry of Finance added that projects of Czech companies should not be affected by the decision.