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Ukraine Invasion Day 654: RU repopulating has not stopped since 2014 [1]
['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.']
Date: 2023-12-08
Know your Vatnik - Victor Orban
Exposing the shady dealings with a Moscow based bank-cum-spy centre, investigated in March this year by VSquare, Direkt36, ICJK and Investigace Context: This is about Euroclear and the #Moscow based The #InternationalInvestmentBank #Euroclear is an organization based in Belgium that processes and settles securities transactions on European stock exchanges, but also acts as a central repository for large financial institutions.
After Russia invaded Ukraine, Euroclear froze tens of billions of dollars worth of securities owned by Russian individuals. The International Investment Bank had a wide-ranging and well-functioning international network, the KGB frequently used it as a cover organisation.
Founded in 1970 to create a possible alternative to the World Bank or the European Investment Bank for the Socialist bloc, the Moscow-based IIB went dormant with the collapse of the Soviet Union. It was revived in 2012 to support the expansion of Russia’s financial interests. Nikolay Kosov, a financier and former diplomat from a family of high-ranking #KGB operatives, was tapped for the job as chairman.
However, the IIB remained a rather small institution with a paid-in capital of €424.87 million euros as of January 2022, a few weeks before Russia’s invasion. Hungary embraced the establishment of the KGB infiltrated bank - some points to consider: Other shareholders besides Russia and Hungary – which re-joined the bank in 2015 – included Cuba, Mongolia, Vietnam, as well as the countries that announced cutting ties with the IIB in February last year: Bulgaria, Czech Republic, Romania, and Slovakia.
On 14 March 2019, a Hungarian law on moving the headquarters of the Moscow-based International Investment Bank (IIB) to Budapest came into force. In its current form, the law could create serious security problems for not only Hungary but every member of the European Union and NATO Hungary’s draft law provides the IIB with a wide range of immunities and exemptions.
Under the legislation, neither the bank nor its transactions or operations are subject to financial or regulatory oversight. Meanwhile, the law also permits the bank to provide investment, banking, leasing, and other financial services. This allows the #IIB to handle the assets and deposits of even Hungarian state companies, and provide loans to pro-government oligarchs, without official oversight.
Under the law, people operating from the IIB headquarters building will be covered by diplomatic immunity. Indeed, the law explicitly stipulates that the IIB “may establish any regulations necessary for the exercise of its functions therein” in the building. In other words, the Hungarian authorities will have no right to enter the building or perform any official duties there, unless the bank waives its immunity.
Similarly, the bank’s governors will have diplomatic immunity, while its chairperson and directors will be eligible for numerous benefits, including full tax exemption. Many such perks are available to high-ranking personnel at other multilateral investment banks, but IIB staff will receive several exceptional forms of protection.
The law stipulates that the Hungarian government is obliged to facilitate the entry, residence, and freedom of movement of all IIB leaders, employees, advisers, and experts, as well as their dependent relatives and all guests of the bank. The Hungarian authorities have no right to approve such activities, only an obligation to provide these people with appropriate documentation.
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