Poland leaves Russia-led International Bank for Economic Cooperation

The president signed the bill on Monday, the President's Office reported on Tuesday. Leszek Szymański/PAP

Poland will withdraw from the International Bank for Economic Cooperation (IBEC) which is based in Moscow under a bill signed into law by Andrzej Duda, the Polish president, following Russia's invasion of Ukraine.

The president signed the bill on Monday, the President's Office reported on Tuesday.

"In the face of Russia's aggression against Ukraine and in the light of Russia being the IBEC's main shareholder, Poland's membership of the bank can no longer justified," the President's Office said in a statement.

"Enjoying the status of an international organisation, IBEC could continue financing Russian entities and help them bypass international sanctions imposed on Russia," the statement added. "Poland cannot support and legitimise such actions."

IBEC is an international financial institution registered by the UN in 1964. Apart from Moscow, its other shareholders are Bulgaria, the Czech Republic, Mongolia, Romania, Slovakia and Vietnam.