Hungary to Remove Its Representatives from International Investment Bank Following US Sanctions, Reports Media

Budapest, April 13 – The Hungarian government decided to withdraw its representatives from the International Investment Bank (IIB) after the United States imposed sanctions against it and its Hungarian vice-president, Hungarian newspaper Világgazdaság reported, citing sources.

“According to our information, the government has studied issues related to the International Investment Bank and has reached a decision that there will be no representation in this international financial institution in the future,” the statement read.

On Wednesday, US Ambassador to Hungary David Pressman held a press conference saying that the Russian-controlled Budapest-based International Investment Bank and three executives, including Hungarian Vice President Imre Lazluky, are under US sanctions. According to Pressman, the United States is also “concerned” that Budapest will continue economic cooperation with Moscow.