China-backed bank suspends business related to Russia and Belarus in a sign of the two countries' deepening pariah status over the war in Ukraine
Beijing is the largest stakeholder in the multilateral institution -- the brainchild of Chinese President Xi Jinping -- with almost 27-percent voting power.
China, whose bilateral relationship with Russia has strengthened in recent years, has thus far avoided criticising Moscow over its invasion of Ukraine. Russia is also among the AIIB's founding members and holds around a six percent vote in its operations, the third-biggest after China and India.Can Russia use crypto to evade sanctions?The AIIB said it was "actively monitoring the situation" in Ukraine and that management would do the "utmost to safeguard the financial integrity" of the group.
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