President Andrzej Duda signed the law on Poland’s withdrawal from the International Bank for Economic Cooperation (MBWG), the Chancellery of the President of the Republic of Poland reported. The act also stipulates that Poland terminates the Agreements on multilateral settlements in transfer rubles .
The reasons for the decision
The reasons for the decision to withdraw from the International Bank for Economic Cooperation are the aggression of the Russian Federation against Ukraine and the fact that the main shareholder of MBGW is the Russian Federation .
The IBEC, as a bank with the status of an international organisation, could continue to finance Russian entities and serve to circumvent the introduced sanctions. Poland cannot support and legitimise such activities, explains the President’s Chancellery.
Which countries still have shares international bank ?
MBWG is an international financial institution based in Moscow, registered with the Secretariat of the United Nations since 1964.
The goal is to support the economic growth and sustainable development of the Bank’s member states, to promote trade and economic integration, and to foster interregional relations, the bank’s website reads.
After the Republic of Poland has left the bank, the shareholders of the MBWG will still remain: the Russian Federation, the Republic of Bulgaria, the Czech Republic, Mongolia, Romania, the Slovak Republic and the Socialist Republic of Vietnam.
President Duda made a decision
President Andrzej Duda signed the law on Monday. It concerns the law of May 26, 2022 “on the termination of the Agreement on multilateral settlements in rubles and on the establishment of the International Bank for Economic Cooperation, drawn up in Moscow on October 22, 1963, as amended by the Protocol on the amendment to the Agreement on multilateral settlements in rubles. transfer and the establishment of the International Bank for Economic Cooperation and the Statute of this Bank, drawn up in Moscow on December 18, 1970, the Protocol on the amendment to the Agreement on multilateral settlements in transfer rubles and on the establishment of the International Bank for Economic Cooperation and the Statute of this Bank, drawn up in Moscow on November 23, 1970 1977
As indicated by the Chancellery of the President, the act is to enter into force on the day following its announcement.
Source: Spidersweb
