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Russian bank in Budapest leaves Hungary and the EU

Apr 19, 2023

The International Investment Bank (IIB) in Budapest, which has been subject to US sanctions, is closing its Hungarian headquarters and leaving the EU.

This is stated in a statement on the institution's website, which was noticed by the Hungarian media and was also reviewed by Yevropeiska Pravda.


The bank said that after the US sanctions, IIB lost the ability to conduct financial transactions, and due to the termination of Hungary's participation in it, there are no longer any grounds for further activities in Budapest and the EU as a whole.

"The bank has begun relocating its headquarters from Hungary to Russia," the statement said.

The IIB proposes that Hungary immediately denounce the agreement on the location of its headquarters in Budapest.

Author - Olena Madiak, 19/04/2023

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