The China-backed Asian Infrastructure Investment Bank said it will suspend business related to Russia and Belarus, which have been hit with massive international sanctions over the Ukraine war.
In a statement issued Thursday, the AIIB said that "in the best interests of the bank, management has decided that all activities relating to Russia and Belarus are on hold and under review".
The multilateral financial institution, a brainchild of Chinese President Xi Jinping, was launched in 2016 to counter the West's dominance of the World Bank and International Monetary Fund. It is the third-biggest stakeholder behind China -- which holds almost 27 percent of voting power -- and India. "AIIB stands ready to extend financing flexibly and quickly and support members who have been adversely impacted by the war," the bank said, without giving further details.While majority of governments have reacted to Russia's invasion with sanctions, Beijing, which has close ties with the Kremlin, has taken a cautious line over the invasion -- neither condemning it nor voicing outright support.
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