عربي English Türkçe اردو فارسى
Logo
Latest News
Business

World Bank Halts all Projects in Russia and Belarus

The World Bank. (Asharq Al-Awsat Arabic)
The World Bank. (Asharq Al-Awsat Arabic)
TT
TT

World Bank Halts all Projects in Russia and Belarus

The World Bank. (Asharq Al-Awsat Arabic)
The World Bank. (Asharq Al-Awsat Arabic)

The World Bank on Wednesday announced it was halting all of its ongoing projects in Russia and Belarus in response to the invasion of Ukraine.

Citing the "hostilities against the people of Ukraine," the development lender said it "has stopped all its programs in Russia and Belarus with immediate effect."

The bank finances infrastructure projects and provides policy advice to members, but "has not approved any new loans to or investments in Russia since 2014. There has also been no new lending approved to Belarus since mid-2020," AFP reported.

According to the website, the institution has 11 ongoing projects in Belarus for a total cost of $1.2 billion, and which deal with energy, education, transportation and Covid-19 response.

With Russia, there are just four projects costing $370 million, which largely deal with policy issues.

The bank on Tuesday announced that it is preparing a $3 billion aid package for war-torn Ukraine, which will include at least $350 million in immediate funds, while the IMF also is preparing to provide emergency assistance to the country.

Most Viewed

 
 
Business

Oil Nudges Up after Russia-Ukraine Tensions Escalate

A person walks past a working oil well in a residential neighbourhood in Signal Hill, California, US, November, 14, 2024. REUTERS/Mike Blake
A person walks past a working oil well in a residential neighbourhood in Signal Hill, California, US, November, 14, 2024. REUTERS/Mike Blake
TT
TT

Oil Nudges Up after Russia-Ukraine Tensions Escalate

A person walks past a working oil well in a residential neighbourhood in Signal Hill, California, US, November, 14, 2024. REUTERS/Mike Blake
A person walks past a working oil well in a residential neighbourhood in Signal Hill, California, US, November, 14, 2024. REUTERS/Mike Blake

Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world's second-largest consumer, and forecasts of a global oil surplus weighed on markets.
Brent crude futures gained 29 cents, or 0.4%, to $71.33 a barrel by 0502 GMT, while US West Texas Intermediate crude futures were at $67.20 a barrel, up 18 cents, or 0.3%.
Russia unleashed its largest air strike on Ukraine in almost three months on Sunday, causing severe damage to Ukraine's power system, reported Reuters.
In a significant reversal of Washington's policy in the Ukraine-Russia conflict, President Joe Biden's administration has allowed Ukraine to use the US-made weapons to strike deep into Russia, two US officials and a source familiar with the decision said on Sunday.
There was no immediate response from the Kremlin, which has warned that it would see a move to loosen the limits on Ukraine's use of US weapons as a major escalation.
"Biden allowing Ukraine to strike Russian forces around Kursk with long-range missiles might see a geopolitical bid come back into oil as it is an escalation of tensions there, in response to North Korean troops entering the fray," IG markets analyst Tony Sycamore said.
Saul Kavonic, an energy analyst at MST Marquee, said: "So far there has been little impact on Russian oil exports, but if Ukraine were to target more oil infrastructure that could see oil markets elevate further."
In Russia, at least three refineries have had to halt processing or cut runs due to heavy losses amid export curbs, rising crude prices and high borrowing costs, according to five industry sources.
Brent and WTI slid more than 3% last week on weak data from China and after the International Energy Agency forecasted that global oil supply will exceed demand by more than 1 million barrels per day in 2025 even if cuts remain in place from OPEC+.
China's refinery throughput fell 4.6% in October from last year and as the country's factory output growth slowed last month, government data showed on Friday.
Investors also fretted over the pace and extent of interest rate cuts by the US Federal Reserve that has created uncertainty in global financial markets.
In the US, the number of operating oil rigs fell by one to 478 last week, the lowest since the week to July 19, Baker Hughes data showed.