The New Development Bank (NDB) created by the BRICS countries has taken a big step during the Ukraine crisis. The bank has banned all new transactions in Russia with immediate effect, citing the uncertainties and restrictions created by the war.
NDB issued this statement
NDB said that the bank will continue its business as an international institution in line with the highest compliance standards. The NDB was formed by the BRICS grouping of Brazil, Russia, India, China, and South Africa to raise funds for infrastructure and sustainable development projects. This bank assists BRICS countries as well as other emerging developing economies.
AIIB also stopped projects
The NDB made this announcement a day after the Asian Infrastructure Investment Bank (AIIB) imposed sanctions on Russia and Belarus. Giving information about this in a statement released on the NDB website on Thursday, it was said that because of the current situation, new transactions in Russia have been stopped. China-based AIIB had announced the suspension of all its projects in Russia and its close country Belarus because of the Ukraine crisis.
Watching the situation in Russia-Ukraine
Former Reserve Bank of India governor Urjit Patel is AIIB's vice-president (investment operations), while it is headed by former Chinese finance minister Jin Liqun. The bank has financed many projects in Russia-Belarus. In a statement posted on the bank's website, AIIB has said that our bank is actively monitoring the situation and in the current situation, to maintain the bank's financial purity, it has also decided to suspend all activities related to Russia and Belarus. It has been decided to make an assessment.
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