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China-backed bank suspends business with Russia, Belarus
The Asian Infrastructure Investment Bank (AIIB) said it will be suspending business with Russia and Belarus, which have been hit by severe international sanctions since Russia invaded Ukraine. Belarus has provided Moscow with assistance and logistical support, including the use of its territory to mount the assault.
"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 bank said in a statement, adding that management would do its "utmost to safeguard the financial integrity of AIIB."
"AIIB stands ready to extend financing flexibly and quickly and support members who have been adversely impacted by the war," the statement added without much detail.
The AIIB is a multilateral institution launched in 2016 at the initiative of Chinese President Xi Jinping to balance Western dominance of the World Bank and the International Monetary Fund (IMF).
Russia is one of the founding members of the AIIB, holding a 6% vote in operations and has a seat on the board of the bank. The Bank of China holds a 27% stake, though Russia is the third-largest stakeholder after India.
New Development Bank puts Russia transactions on hold
The New Development Bank (NDB) established by the BRICS group of emerging nations says it is suspending new transactions in Russia.
"In light of unfolding uncertainties and restrictions, NDB has put new transactions in Russia on hold. NDB will continue to conduct business in full conformity with the highest compliance standards as an international institution," it said in a statement.
Brazil, Russia, India, China and South Africa — known together as BRICS — are members of the NDB.
- Ukraine has acceded to the Nuclear Non-Proliferation Treaty. Ukraine inherited "as many as 3,000" nuclear weapons when it became independent from the Soviet Union in 1991, making its nuclear arsenal the third-largest in the world.[122] By 1994, Ukraine had agreed to dispose of all nuclear weapons within its territory, with the condition that its borders were respected, as part of the Budapest Memorandum on Security Assurances. The warheads were removed from Ukraine by 1996 and disassembled in Russia.[123] Despite Russia's subsequent and internationally disputed annexation of Crimea in 2014, Ukraine reaffirmed its 1994 decision to accede to the Nuclear Non-Proliferation Treaty as a non-nuclear-weapon state.[124]