PRAGUE, Reuters – Czech Republic calls on EU members who are part of the International Investment Bank and the International Bank for Economic Co-operation to stop relying so heavily on Russia.

Czech Finance Ministry announced Friday, in a statement, that the Czechs will accelerate the planned exit from the IIB. The IIB moved its headquarters from Moscow to Budapest in 2019. It also relocated the IBEC from Moscow.

Ministry officials stated that they were considering giving notice to banks. This would result in the bank’s departure within two or three months.

Minister said that they would appeal to other European Union member states to adopt the same action.

The Czech government said it did not believe there was any economic benefit to remaining in both institutions.

“The contrary is true. We strongly believe that participation in (the bank) raises security questions among our western allies. This must be resolved also within the context the the ongoing Russian invasion of Ukraine.”

The press officers of the IIB and IBEC could not be reached immediately for comment.

Although Czech Republic had indicated it would leave IBEC several decades ago, this process has yet to be completed.

Concerns among U.S. senators were raised by the IIB’s decision to move to Budapest, and its granting diplomatic immunity to Russian staff.

According to the bank’s website, Bulgaria is among the IIB member countries. As of October 20,21, it had assets in excess of 1.9 billion euro ($2.16 trillion).

As of September last year, the IBEC listed Bulgaria, Czech Republic. Mongolia, Russia, Slovakia and Slovakia as members. They also had assets in excess of 749million euros.