World Bank says it will stop all projects in Russia and Belarus "immediately"

World Bank says it will stop all projects in Russia and Belarus “immediately.” 

There are no more World Bank programs in Russia or Belarus because of Moscow’s actions in Ukraine.

“The World Bank Group has approved no new loans or investments since 2014. Another thing: Since mid-2020, there hasn’t been a new loan approved for Belarus, either”: The world’s largest financial institution said that

According to a statement, the World Bank Group has stopped all its programs in Russia and Belarus.

Meanwhile, the World Bank said on Tuesday that it is preparing a USD 3 billion aid package for Ukraine in the next few months. The IMF is also preparing to help the country in an emergency.

READ MORE: A group of Indian students has been held hostage by Ukrainian police, Russia claims.

On February 24, three days after Russia said that Ukraine’s breakaway regions, Donetsk and Luhansk, were separate countries, Russian forces started to fight in Ukraine.

Many countries, including the United Kingdom, the United States, Canada, and the European Union, have called for Russia to stop its military operations in Ukraine and have put sanctions on the country. 

These countries have also agreed to help Ukraine fight back against Russia with military aid, and they will do so.

There was a deal made by the US, Canada, and other European allies to remove some critical Russian banks from the interbank messaging system, SWIFT. 

This means that Russian banks will not communicate securely with other banks outside of Russia’s borders.