EU requests EIB, EBRD to suspend financing of projects in Russia

Leaders of the European Union member countries at a meeting on July 16, 2014, decided to increase pressure on Russia.

"The European Council requests the EIB [European Investment Bank] to suspend the signature of new financing operations in the Russian Federation," European Council conclusions on external relations (Ukraine and Gaza) dated July 16, 2014, read.

"European Union Member States will coordinate their positions within the EBRD [European Bank for Reconstruction and Development] Board of Directors with a view to also suspending financing of new operations," the conclusions read.

Finally, the European Council invited the Commission to re-assess EU-Russia cooperation programs with a view to taking a decision, on a case-by-case basis, on the suspension of the implementation of EU bilateral and regional cooperation programs. "However, projects dealing exclusively with cross-border cooperation and civil society will be maintained," the conclusions said.