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.
In a statement issued Thursday, the AIIB said that "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 multilateral financial institution, a brainchild of Chinese President Xi Jinping, was launched in 2016 to counter the West's dominance of the World Bank and International Monetary Fund. It is the third-biggest stakeholder behind China -- which holds almost 27 percent of voting power -- and India. "AIIB stands ready to extend financing flexibly and quickly and support members who have been adversely impacted by the war," the bank said, without giving further details.While majority of governments have reacted to Russia's invasion with sanctions, Beijing, which has close ties with the Kremlin, has taken a cautious line over the invasion -- neither condemning it nor voicing outright support.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Airbnb suspending all operations in Russia and BelarusThe announcement comes days after Airbnb said it would offer free, short-term housing to up 100,000 refugees fleeing Ukraine.
Read more »
Airbnb is suspending all operations in Russia and Belarus, CEO saysHome rental company Airbnb Inc is suspending all operations in Russia and Belarus, Chief Executive Officer Brian Chesky said in a tweet on Thursday.
Read more »
Russia & Belarus Banned From Winter Paralympics In Stunning U-TurnRussian and Belarusian athletes have been banned from the Winter Paralympics in Beijing in a stunning u-turn taken 24 hours after they were given the greenlight to compete, as the invasion of Ukrai…
Read more »
Live Ukraine updates: Canada to revoke 'most favoured nation' status to Russia and BelarusLive updates on the ‘all-out economic and financial war’ against Russia — via financialpost Russia Ukraine financialwar
Read more »
Google disables user-submitted Maps placements in Ukraine, Russia and Belarus | EngadgetUsers claim Maps is being used by the Russian military to coordinate air strikes..
Read more »