The European Bank for Reconstruction and Development (EBRD) toned down its rhetoric related to Russia, a source familiar with the situation told TASS on Tuesday

“Yes, the rhetoric obviously changed but we need to wait what EBRD shareholders will say. It’s also probably telling that the bank does not close offices and makes no staff cuts in Russia,” the source said.

Resumption of Russian projects’ funding possible

According to the source, a number of European shareholders of the bank expressed an opinion concerning the possibility of resuming financing of Russian projects.

“Certain European shareholders believed and continue believing that ways for rapprochement with Russia should be examined but this has not yet become a formal position: it will be jointly worked out and published,” the source said.

“[EBRD shareholders] will return to the issue of resuming financing of Russian projects in December – January,” the source said.

EBRD shareholders made a decision on “temporary suspension” of financing for new projects in Russia in July 2014. Such a decision was initiated by bank shareholders from the EU in connection with sanctions imposed on Russia. Russia is the member of the EBRD since 1992 and accounted for approximately a third of Bank’s operations until recently.