BEIJING, March 4 ― 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.
The bank added that it was “actively monitoring the situation” in Ukraine and that management would do the “utmost to safeguard the financial integrity of AIIB”. Russia is among the AIIB's founding members and holds around a six percent vote in its operations. It also has a seat on the bank's board of directors.
Disclosures on the AIIB website show it has so far approved two Russia projects with financing of US$800 million.Two projects for Belarus have also been proposed, in the fields of public health and transport.
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