Vnesheconombank complex in Moscow, the IIB's head office following relocation in 2023[1]
Company type
International financial institution
Founded
July 10, 1970; 53 years ago (1970-07-10)
Headquarters
Moscow, Russia
Key people
Nikolay Kosov (chairman)
Total assets
EUR 1720 million
Total equity
EUR 2 billion (paid in capital EUR 378,71 million)
Owner
Comecon member countries (1970–1991)
Website
www.iib.int/en
The International Investment Bank (IIB) is a sanctioned Russian government-controlled[2] multilateral financial institution. Initially formed by the Soviet Union in 1970, it was revived by Russia's government in 2019 when it relocated its headquarters from Moscow to Budapest.[3][4]
Initially made up of all Warsaw Pact members led by the Soviet Union alongside Cuba, Mongolia and Vietnam under the Eastern Bloc during the Cold War, IIB's membership was largely maintained until that point. East Germany withdrew from the IIB in 1990 following German reunification, Poland left in 2000 prior to joining the European Union and the Czech Republic and Slovakia (formerly part of Czechoslovakia) exited the organization following the 2022 Russian invasion of Ukraine with Bulgaria and Romania to follow. In April Hungary announced it was leaving as a result of sanctions on the Hungarian management of the bank.[5][6] In October 2023 the headquarters of the bank returned to Moscow.
^"contacts". International Investment Bank.
^"International Investment Bank (IIB) | US Sanctions Russian-Controlled IIB Bank, Executives in Hungary". news.yahoo.com. Retrieved 27 June 2023.
^András Rácz (18 March 2019). "A foot in the door? Russia's International Investment Bank moves to Hungary". European Council on Foreign Relations.
^Szabolcs, Panyi; András, Pethő (19 July 2021). "Hungarian journalists and critics of Orbán were targeted with Pegasus, a powerful Israeli cyberweapon". Direkt36 (www.direkt36.hu). Archived from the original on 5 September 2023. Retrieved 23 October 2023.
^"DEMOCRACY DIGEST: HUNGARY'S BALANCING ACT TOPPLES AS IT ABANDONS RUSSIA 'SPY BANK'". 14 April 2023.
^"Hungary to quit Russian International Investment Bank after U.S. sanctions". Reuters. 13 April 2023. Retrieved 31 October 2023.
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