China: More Banks Stop Loans to Russia/Belarus

The China-backed Asian Infrastructure Investment Bank halted all businesses with Russia and Belarus amid rising geopolitical tensions, a sign of Beijing’s cautious approach to financial support to Russia amid sanctions.


The New Development Bank – created by Brazil, Russia, India, China and South Africa to fund infrastructure projects – also announced Thursday it would put new transactions in Russia on hold, citing “unfolding uncertainties and restrictions.”

China has substantial stakes in the two banks, with a more than 30% shareholding in the AIIB and 19% in NDB. Australia, most European nations as well as Russia are members of the AIIB, while Ukraine is not.