BRICS bank puts all new transactions on hold in Russia amid Ukraine war
India Today
The New Development Bank (NDB) of the BRICS bloc has put all new transactions in Russia on hold citing the "unfolding uncertainties and restrictions".
The New Development Bank (NDB) of the BRICS bloc has put all new transactions in Russia on hold citing the "unfolding uncertainties and restrictions", amidst the Ukraine crisis.
The NDB's move came a day after the Asian Infrastructure Investment Bank (AIIB) put on hold all its projects in Russia and its ally Belarus.
"The New Development Bank (NDB) applies sound banking principles in all its operations, as stated in its Articles of Agreement," a statement by the bank posted on its website on Thursday said.
"In light of unfolding uncertainties and restrictions, NDB has put new transactions in Russia on hold," it said.
"NDB will continue to conduct business in full conformity with the highest compliance standards as an international institution," it said.
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The NDB was established by Brazil, Russia, India, China and South Africa (BRICS) to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.
