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Asharq Al-Awsat

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Asharq Al-Awsat

China-backed Bank Halts Lending to Russia, Belarus

Russia Belarus China AIIB Ukraine Asian Infrastructure Investment Bank Beijing Moscow

The sign of Asian Infrastructure Investment Bank (AIIB) is pictured at its headquarters in Beijing, China July 27, 2020. REUTERS/Tingshu Wang/File Photo

The China-backed Asian Infrastructure Investment Bank said it will suspend business related to Russia and Belarus in a sign of the two countries' deepening pariah status over the war in Ukraine.

In a statement issued Thursday, the AIIB said that "in the best interests of the bank, management has decided that all activities relating to Russia and Belarus are on hold and under review".

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