Romania will start the procedures to withdraw from the International Investment Bank (IIB), the Romanian Government announced.

The Czech Republic earlier called on EU states that are members of the IIB and the International Bank for Economic Co-operation (IBEC) to withdraw from the organizations. Romanian Liberal leader Florin Citu argued for the country to pull out of IBEC as well.

The shareholders of the IIB, an institution set up during the communist regimes in the region and revived by Russia are Bulgaria, Cuba, the Czech Republic, Hungary, Mongolia, Romania, the Russian Federation, Slovakia and Vietnam.

"Romania is about to start the procedures for withdrawing from the International Investment Bank," Government spokesman Dan Cărbunaru announced on Saturday, February 26.

The IIB has been a subject of dispute among Romanian politicians over time.

andrei@romania-insider.com

(Photo source: Gov.ro)