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China-Backed Development Banks Halt Russia Loans Amid Sanctions
The China-backed Asian Infrastructure Investment Bank halted all businesses with Russia and Belarus amid rising geopolitical tensions, a sign of Beijing’s cautious approach to financial support to Russia amid sanctions.
The multilateral lender said in a statement Thursday that “all activities relating to Russia and Belarus are on hold and under review,” as it strives to do their utmost to safeguard the financial integrity of the bank. While expressing sympathy and offering support to those who have been adversely impacted by the war, the statement didn’t condemn the war or announce any further measures against the two countries.
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The New Development Bank -- created by Brazil, Russia, India, China and South Africa to fund infrastructure projects -- also announced Thursday it would put new transactions in Russia on hold, citing “unfolding uncertainties and restrictions.”
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The moves by the two development banks follow recent steps by China’s largest state-owned banks to restrict financing for purchases of Russian commodities.
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https://www.bloomberg.com/news/articles/2022-03-04/china-backed-development-banks-halt-russia-loans-amid-sanctions