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The Royal Bank of Scotland has announced that it will no longer engage in “any type of capital-raising” on behalf of the government of Belarus after an Index on Censorship and Free Belarus Now campaign.
After senior RBS executives met with Index on Censorship and Free Belarus representatives in Edinburgh last week, the bank has made a public statement declaring that it will no longer sell Belarusian government bonds:
“Given sanctions, the deteriorating political situation in Belarus and the fact that it has reneged on key elements of the IMF programme, RBS has ceased any type of capital-raising for or on behalf of the Belarus Republic and we have no plans to change that position until these issues have been resolved. In assessing where we do business, we have a responsibility to consider a number of factors, including social and ethical issues and compliance with the letter and spirit of all international sanctions.
Mike Harris, Head of Advocacy at Index on Censorship, who attended the tense meeting with RBS along with Free Belarus Now representative’s Natalia Koliada and Professor Alan Flowers, welcomed the decision:
We’re delighted that RBS has heeded our calls to stop acting as a broker for authoritarian President Lukashenko. This couldn’t come at a more crucial time. The government of Belarus needs nearly $1bn a month in foreign capital. RBS has sent a clear signal not to risk investing in an regime that violates fundamental human rights and may not last.
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