Cyprus Mail
Business

EBRD faces rare loss due to Russia, Ukraine crisis

By Marc Jones

The European Bank for Reconstruction and Development will probably report its first loss since the global financial crisis due to turmoil in Russia and Ukraine, the development bank’s Vice President Andras Simor said on Wednesday.

Simor told Reuters that a fall in the value of its Russian equity investments due to the rouble’s slide as well as provisions against other losses in both countries meant an overall loss for 2014 was likely.

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