After the spy bank, another mysterious Russian organisation appeared in Budapest

In the fifth district of the Hungarian capital, a Russian institute, IRIAS, has emerged. The organisation enjoys special privileges just like the Russian spy bank.

Another privileged Russian institute

The International Investment Bank moves its headquarters from Budapest to Russia. This follows Hungary’s withdrawal from the organisation, known as the spy bank, which enjoys diplomatic immunity, as the United States of America imposed sanctions on the institution’s leaders.

But now another institute with a Russian background has come to Budapest. The Russian IRIAS organisation was registered in Hungary after the war in Ukraine broke out. Its headquarters are on the first floor of a multi-storey apartment building. The lower floor of the building sells food products, run by Igor Kaplan, who once did military service in Hungary.

The Hungarian managing director of IRIAS, Bernadett Deák from Debrecen, did reply to the inquiries of 24.hu. Public company records reveal little information. Its main profile is given as “other community and social activities not elsewhere classified”. Other activities include publishing and news agency activities, technical research and development, beverage service and fuel wholesaling.

Not only is it unknown what the organisation does, but also who finances its operations in Hungary, rtl.hu reports. This is particularly important because the flow of money between Russian banks and the EU has been made virtually impossible by the sanctions.

The IRIAS past

IRIAS was established in 1976 by the socialist bloc countries, including Hungary, Bulgaria, Cuba, Poland, the Soviet Union and Czechoslovakia.

The organisation enjoys privileges under an agreement signed in 1980. For this reason, the organisation and its documents are inviolable. Its assets are immune from any administrative or judicial interference. In addition, the premises of IRIAS are exempt from national and local taxes and duties, and the Institute is exempt from customs duties and export-import restrictions for official use.

This gives IRIAS privileges similar to those of the Russian spy bank, the European Bank for Reconstruction and Development or the International Monetary Fund.

According to the website of the Moscow-based organisation, IRIAS is active. Five of the founding countries are still members – Russia, Hungary, Bulgaria, Cuba and Mongolia.