Shareholder representatives agreed with the EBRD’s management to take steps in response to the crisis, including the possibility of suspending or modifying Russia and Belarus’s access to the bank’s resources under Article 8.3 of the EBRD’s constitution.

The statement also said that proposals will be submitted to the bank’s board next week, adding that any final decision would be taken by the bank’s governors.

The EBRD noted that it has not invested in new projects in Russia since 2014 and it has not invested in new projects in Belarus in recent times following the disputed 2020 presidential election in that country.

On Thursday, the EBRD condemned Russia’s invasion of Ukraine, asserting its unwavering support for the Ukrainian government and the country’s citizens.

A number of European countries — such as the UK and the EU — have already announced their plans to impose sanctions against Russian President Vladimir Putin and a number of other Russian government figures.

The UK said that it will freeze all major Russian banks’ assets and will exclude them from the UK’s financial system as well as legislating laws aiming to stop major Russian firms and the state raising finances or borrowing money in UK markets.

It also noted that it will ban Russia’s Aeroflot airline from operating in the UK.

Furthermore, the UK plans to suspend export licences for dual-use items that can be utilised for military purposes and to stop high-tech and oil refinery equipment exports.

Moreover, the country intends to place a limit on deposits Russians can make to UK bank accounts.

The EU’s sanctions, however, are targeting 70 percent of the Russian banking market and key state-owned companies, particularly defence firms, as well as banning the export of materials Russia uses for oil refining.

The sanctions may also include imposing a bar on the sale of aircrafts and related equipment to Russian airlines and limiting Russia’s access to high-tech solutions.

Meanwhile, US President Joe Biden announced that four major Russian banks will have their assets frozen and be excluded from the US dollar transaction system, announcing sanctions on wealthy Russian individuals who have close links to the Kremlin.

He also said that the US and allies will cut off over 50 percent of Russia’s high-tech imports in order to stop it developing its military capabilities.

Moreover, The UK, US, and Australia prolonged their financial sanctions on Belarus.

Australia also imposed sanctions on wealthy Russians and the more than 300 members of the Russian parliament that voted to send Russian troops into Ukraine.

Additionally, Germany halted the opening of the Nord Stream 2 gas pipeline from that was going to transfer gas from Russia to Germany.

Furthermore, Japan imposed sanctions on Russian financial institutions and individuals as well as suspended its exports to Russia.