World Bank suspends all projects in Russia and Belarus as Ukraine invasion intensifies
Russian President Vladimir Putin attends a meeting of the presidential rights council via a video link on December 9, 2021. Mikhail Metzel SPUTNIK/AFP

On Wednesday, Alan Rappeport of The New York Times reported that the World Bank is suspending all of its programs in Russia over the invasion of Ukraine — and also suspending activity in Belarus, the only country actively providing military support to Russia in the effort.

"Following the Russian invasion of Ukraine and hostilities against the people of Ukraine, the World Bank Group has stopped all its programs in Russia and Belarus with immediate effect," said the organization in a statement.

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The World Bank is a global organization that provides loans and grants to countries for projects to alleviate poverty.

This comes as the group is also pushing through hundreds of millions to Ukraine for relief from the invasion, which Vladimir Putin has claimed is to protect so-called "independent republics" in the east of the country founded by Kremlin-backed separatist rebels.