The Moscow-backed bank's staff are reportedly being granted full diplomatic immunity by their Hungarian hosts. The Russian-led International Investment Bank is set to complete its complex reformation with its relocation to Budapest, the Hungarian capital, despite the diplomatic controversy surrounding the bank reportedly linked to the Kremlin's spy agencies.
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Hungary holds The bank will offer Hungarian companies access to the international market and significant financing, he wrote. Critics argue, however, this money goes almost exclusively to a network of oligarchs Orban has established to control certain economic sectors and to benefit from huge volumes of EU funding flowing into Hungary. With a balance sheet estimated at just 1.
That has provoked worries that Budapest is not opening the door to bankers only. The government has reportedly granted the IIB full diplomatic status. Staff and guests will be able to enter the EU state freely, potentially undermining the Western sanctions on Moscow that Orban has so often criticised.
The Hungarian authorities will have no right to oversee the bank's activities. However, Mark Galeotti, an analyst on Russian security issues, called the level of concern "overblown".
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Nevertheless, concern persists that the arrival of the IIB is just the latest step in Orban's pivot to the east. Pay based on use.
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