AIIB puts all Russia, Belarus projects on hold, review

Amid the ongoing military conflict in Ukraine, the Asian Infrastructure Investment Bank (AIIB) has decided to hold and review all activities relating to Russia and Belarus.

Notably, Russia holds the third-largest voting share in the bank after China and India. Belarus is also a member of AIIB.

"We the Management will do our utmost to safeguard the financial integrity of AIIB, against the backdrop of the evolving economic and financial situation. Under these circumstances, and 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 bank said in a statement.

"AIIB stands ready to extend financing flexibly and quickly and support members who have been adversely impacted by the war, directly or indirectly. Economic spillover from commodity price shocks, financial market volatility and other factors may adversely impact our members' economic situation," the bank added.

The statement said they will work closely with their partner multilateral organizations to provide any needed support expeditiously.

This decision comes as the US and Europe launched a series of sanctions barring Russia in response to the large scale military conflict in Ukraine.

These sanctions will prevent Moscow from accessing its hundreds of billions of dollars of reserves worldwide and cut short its state revenues from oil and natural gas.

( With inputs from ANI )