Hungary Exits International Investment Bank that Has Been Subjected to US Sanctions

  |  
Apr 14, 2023

On April 13, 2023, the Hungarian government decided to end its participation in the International Investment Bank (IIB), a bank that the US recently imposed sanctions on. 

“In light of yesterday’s statement by the US, the Hungarian government analyzed the situation with the International Investment Bank and came to the conclusion that participation in its activities doesn’t make sense for them. Therefore, as Vilaggazdasag learned from credible sources, the government has decided to pull its representatives from this bank,” the Hungarian news outlet Vilaggazdasag wrote. 

On April 12, the US Treasury Department revealed that it was imposing sanctions on the IIB and its leaders – two Russian nationals and one Hungarian national. The Treasury made the case that the Hungarian-based IIB “enables Russia to increase its intelligence presence in Europe, opens the door for the Kremlin to exert malicious influence in Central Europe and the Western Balkans, and could serve as a mechanism for corruption and illicit finance, including sanctions violations.”

The IIB was set up in 1970 as part of the Council for Mutual Economic Assistance to extend loans to organization members. In recent years, the Czech Republic and Slovakia have withdrawn from the Council, and Bulgaria and Romania have announced their intention to follow in their footsteps. Several prominent bank members are Cuba, Hungary, Mongolia, Russia, and Vietnam. Furthermore, Serbia has expressed its interest in joining this bank. 

Hungary at this point could potentially face a regime change attempt orchestrated by the US Deep State — all due to its independent foreign policy and its nationalist domestic policies. The government of Prime Minister Viktor Orban must do everything possible to protect itself from these diabolical regime change schemes. 

Hungary does not deserve to become another victim of US Deep state trickery.

Our Latest Articles