RBS has agreed to stop doing fundraising work for the Belorussian government after a number of complaints from human rights groups, reports the BBC.”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,” RBS said in a statement.
Groups such as Free Belarus Now and Index on Censorship had protested the work done by RBS and other banks in selling bonds for “Europe’s last dictatorship”. It’s estimated that RBS sold $1.85 billion (£1.1 billion) worth of Belorussian bonds.
Alexander Lukashenko has been president of Belarus since 1994, and has been renowned for his harsh, dictatorial government style. His country is currently facing a financial crisis.
Since 2008 RBS has been partly owned by British taxpayers as part of a bailout agreement.