THE Royal Bank of Scotland has pledged to stop funding assistance to Belarus, whose president has been dubbed the “last dictator” in Europe.
The bank, which is majority owned by the taxpayer, has come under fire for its ethical stance after it emerged it was part of a deal to issue more than £1 billion in bonds to the country.
Today it was reported the Capital-based bank will not be involved in underwriting government bonds for the Belarusian government until the political situation in the country improves, following six months of lobbying by pro-democracy campaigners.
The situation in Belarus is said to have deteriorated in recent months in the wake of elections last year, which saw president Alexander Lukashenko re-elected for a fourth five-year term.
The president has been in power since 1994.