2 China-based development banks have opted to suspend business with Russia
- Two China-based banks suspended operations with
Russiaas of Thursday, according to Financial Times.
- This may start tensions between Russia and
China, which tend to remain neutral.
Two China-based development banks have paused relations with Russia and Belarus as it continues to wage war against
According to the report, the decision of the Beijing-based Asian Infrastructure Investment Bank to pause investments with Russia and Belarus may put tension on the relationship between Russia and China.
Thus far, China has not joined many other nations in levying sanctions on Russia.
AIIB is a "multilateral institution with a global shareholder base," per The Wall Street Journal, however, China has 27% of the voting power of the bank and Russia has 6%. NATO members account for 23% of the voting shares of the bank, per WSJ.
"As the war in Ukraine unfolds, the Asian Infrastructure Investment Bank (AIIB) extends its thoughts and sympathy to everyone affected. Our hearts go out to all who are suffering," the bank said in a statement on their website.
"We the management will do our utmost to safeguard the financial integrity of AIIB, against the backdrop of the evolving economic and financial situation," AIIB continued.
The Shanghai-based New Development Bank also suspended business with Russia, per a statement on its website Thursday. Russia is one of five shareholders, who each hold 20% of the company, according to NBD's factsheet.
In its statement, NBD said it "will continue to conduct business in full conformity with the highest compliance standards as an
The suspensions come as Russia launched a war on its neighboring country of Ukraine. The war has resulted in sanctions, the occupation of one major city, and the fleeing of at least one million refugees.
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