Parliament votes for Poland leaving Soviet-era bank after Russian invasion

Marcin Obara/PAP

The Sejm, lower house of the Polish parliament, passed a law as a result of which Poland will leave the International Bank for Economic Cooperation (IBEC) based in Moscow.

The bill was voted for by 451, with no one against, and three abstentions.

Deputy finance minister, Piotr Patkowski, said that Poland's further participation in IBEC was unjustified due to the Russian invasion of Ukraine and the fact that Russia is its largest shareholder.

He added that this institution may serve to circumvent by Russia international sanctions imposed on Moscow.

Poland was one of the eight founding countries of the IBEC. The bank was established in 1964 when the transfer roubles settlement system was introduced by the member states of the Council for Mutual Economic Assistance, an organisation established to facilitate and coordinate the economic development of the eastern European countries belonging to the Soviet bloc.

Now the bill will have to be approved by the Polish Senate.