World Bank also gave a blow to Russia and Belarus, banned all projects

The World Bank has taken a big step after the Russian attack on Ukraine. The World Bank has announced that it will halt all its programs in Russia and its ally Belarus with "immediate effect" in response to Moscow's military operations in Ukraine and "hostility" against the people of the war-torn country.

On 24 February, the Russian military began military operations in Ukraine, three days after Moscow recognized separate regions of Ukraine – Donetsk, and Luhansk – as independent entities.

This decision of The World Bank has come at a time when many countries, organizations, and businesses of the world are already breaking ties with Russia and its allies Belarus. Many countries have also imposed sanctions on Russia for invading Ukraine and Belarus for its support and cooperation.

"The World Bank Group has not approved any new loans or investments in Russia since 2014. No new loans to Belarus have been approved since mid-2020," Washington-based global lender World Bank said in a statement on Wednesday. "

"Following the Russian invasion of Ukraine and hostilities against the people of Ukraine, the World Bank Group has suspended all its programs in Russia and Belarus with immediate effect," the statement said.

Hill reported that the banking organization, with 189 member states worldwide, has not approved any new loans or investments in Russia since 2014. Then Russia captured the city of Crimea from Ukraine. In addition, the World Bank has not given any loans since 2020 following a disputed presidential election in Belarus.

Following Russia's invasion, World Bank President David Malpass condemned the attack, saying the group was "horrified by the shocking violence and loss of life as a result of the unfolding events in Ukraine."

"We are Ukraine's longtime partners and stand with their people at this critical moment," Malpass said in a statement.

Earlier on Tuesday, International Monetary Fund (IMF) managing director Kristalina Georgieva said it was considering Ukraine's request for emergency financing, while another program provided the nation access to USD 2.2 billion by the end of June. Of.

The World Bank Group also announced on Tuesday that it is providing a USD 3 billion aid package to aid Ukraine.

On 1 March both the IMF and the World Bank Group stated the war in Ukraine, saying, "We are shocked and saddened by the devastating human and economic crisis brought on by the war in Ukraine. People are being killed and injured." They are being forced to flee, and the country's physical infrastructure is being heavily damaged. We stand with the Ukrainian people during these horrific incidents."

The US, along with its major allies including the European Union and the UK, has disconnected major Russian banks from the interbank messaging system, i.e. SWIFT, and imposed restrictive measures on its central bank.