The European Bank for Reconstruction and Development's (EBRD) board of directors gave clear guidance to the EBRD management on Wednesday that they are for now not able to approve new investments in Russia.
The board represents the bank's shareholders, including 64 member states as well as the European Union and the European Investment Bank.
The EBRD will continue to maintain its physical presence in Russia and manage it's existing projects and relationships.
In the first half of this year, 19 percent of the bank's investments were in Russia, compared to 81 percent in its 34 other countries of operation.
During this period, the EBRD invested some $5 billion in the countries where it operates.