China-founded bank says it will stop working with Russia

The Asian Infrastructure Investment Bank (AIIB) announced the suspension of all operations related to Russia and Belarus, reports Forbes with reference to the press service of the bank. The main shareholder of the bank is China, it owns 29.8% of the shares.

AIIB is “monitoring the situation” and assessing its impact on the bank’s operations, and its management is committed to “protecting its financial integrity against the backdrop of a changing economic and financial environment,” the bank said in a statement. “In these circumstances, and in the interests of the bank, the management decided that all operations related to Russia and Belarus will be suspended and reviewed,” the press service clarifies.

Russia is one of the largest shareholders of the bank, its share is 6.5%, its governing board includes the head of the Ministry of Economic Development. Maxim Reshetnikov, according to Forbes based on data from the department. In addition to the Russian Federation and China, India (8.4%) and other countries own shares in the bank.

Recall, on February 24, Russian President Vladimir Putin made an emergency appeal to the Russians and announced a special military operation in the Donbass. In his speech, he stated that “circumstances require decisive action from Russia” and stressed that “Russia will not allow Ukraine to have nuclear weapons.” In response to Russia’s actions, Western countries (USA, Canada, European Union, Great Britain, Japan) announced new, tougher sanctions against the Russian Federation, including financial and economic ones.

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