The European Bank of Reconstruction and Development, or EBRD, has pulled out of a planned joint investment fund with state-owned technology investment company Rusnano, after the EU clamped down on EBRD lending in Russia over Moscow’s actions in Ukraine, Rusnano CEO Anatoly Chubais was quoted as saying by ITAR-Tass on Tuesday.

The EBRD, which has more than 300 active projects in Russia, froze its financing of new projects in the country last month following the downing of Malaysia Airlines Flight MH17, a disaster that sparked fresh rounds of Western sanctions against Moscow that targeted the technology sector, among others.

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