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Gov't Issues Decree on Terminating Immunities of IIB

Government

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Hungary's government has issued a decree on the termination of earlier agreed immunities and privileges of the International Investment Bank (IIB) and its executives and staff, according to a report by state news wire MTI.

The termination of the immunities and privileges, contained in an agreement between the IIB and the government regarding the lender's headquarters in Hungary signed in February 2019, is to be applied following the announcement of the change in location of the bank's HQ. 

The decree also provides for the termination of the agreement on IIB's Budapest HQ without an agreement between the government and the IIB or a decision by the lender's board of governors.

A week earlier, the government announced its decision to withdraw from the IIB after the lender was included on a list of entities sanctioned by the United States because of ties to Russia.

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