China: More Banks Stop Loans to Russia/Belarus

https://archive.ph/0Jjnc

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.

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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.