Russia faces lasting consequences from Ukraine war, World Bank chief says - Reuters.com

World Bank President David Malpass speaks during a news conference at the Spring Meetings of the World Bank Group and IMF in Washington, U.S., April 11, 2019. REUTERS/James Lawler Duggan

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WASHINGTON, March 4 (Reuters) - Russia's war in Ukraine has "horrified" the World Bank's shareholders and will have lasting consequences on Russia's standing in the international community, the global lender's president said on Friday.

World Bank President David Malpass told Fox Business Network that China's reaction to the war and the Western sanctions imposed on Moscow would be influential in determining how Russia's future trade relationships develop.

"The outpouring from the world is gigantic" in support of Ukraine since Russia invaded its neighbor last week, Malpass said. "This is an order of magnitude worse in terms of the decimation and the deaths that are occurring, so I think there will be lasting consequences."

Malpass said he is submitting to the World Bank's board on Friday a loan package for Ukraine that has been expanded with country contributions. Reuters reported on Thursday that the package had grown to 460 million euros ($503 million). read more

He said the financing for Ukraine would be "for payment of the ongoing - call it war effort - the ongoing development effort and the medicine efforts that they need to do as a government."

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Reporting by David Lawder and Andrea Shalal Editing by Paul Simao

Our Standards: The Thomson Reuters Trust Principles.

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Russia faces lasting consequences from Ukraine war, World Bank chief says - Reuters.com
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