EBRD moves to block Russia, Belarus from financing indefinitely

LONDON, March 1 (Reuters) - The European Bank for Reconstruction and Development (EBRD) said on Tuesday its board of directors supported a proposal to suspend Russia and Belarus indefinitely from access to its financing.

"They voted in large numbers to ask Governors to approve firm action against both Russia and Belarus," the bank said in a statement.

Governors -- representatives from the EBRD member countries -- now have 30 days to vote on the proposal which requires a two third majority to be passed, the bank said, adding it was separately exploring an emergency financing package for the region.

The EBRD has not put new money to work in Russia since Moscow annexed Crimea in 2014. The lender also introduced a moratorium on new investment in Belarus following the country's disputed 2020 election. (Reporting by Karin Strohecker Editing by Tommy Wilkes)