Sustainability from Sanctions? The Eurasian Development Bank and Infrastructure Projects in Russia’s Arctic

Eurasian Development Bank (EDB) announced it will be financing infrastructure projects in Russia that were previously turned down by the European Bank for Reconstruction and Development (EBRD). The news follows yet another dismissal by the EBRD of a Russian complaint during the bank’s annual conference last month, citing the temporary suspension of funds for Russian projects in light of international sanctions linked to the Ukraine crisis. From the perspective of Arctic environmental and social sustainability, these developments are worrying because the EDB still lack the clear implementation frameworks deployed by the EBRD and other western lenders to international best practice standards. Nevertheless, they also represent an opportunity for the EDB to flesh out a sustainability framework of their own, with the potential to further reduce environmental and social risks of infrastructure projects across the Russian Arctic.