Zürcher Nachrichten - China-backed bank halts lending to Russia, Belarus

EUR -
AED 3.938361
AFN 75.940226
ALL 100.157487
AMD 416.977517
ANG 1.933105
AOA 916.235945
ARS 971.18739
AUD 1.608002
AWG 1.931386
AZN 1.825571
BAM 1.951483
BBD 2.165809
BDT 126.03118
BGN 1.954847
BHD 0.404157
BIF 3084.048372
BMD 1.072248
BND 1.448382
BOB 7.411603
BRL 5.815441
BSD 1.072617
BTN 89.453202
BWP 14.47584
BYN 3.510334
BYR 21016.058003
BZD 2.162117
CAD 1.470888
CDF 3050.545029
CHF 0.954553
CLF 0.036304
CLP 1001.736783
CNY 7.784954
CNH 7.811733
COP 4463.231706
CRC 560.646605
CUC 1.072248
CUP 28.414568
CVE 110.021598
CZK 24.878287
DJF 190.9857
DKK 7.458266
DOP 63.308466
DZD 144.224833
EGP 51.153297
ERN 16.083718
ETB 61.877665
FJD 2.404784
FKP 0.841288
GBP 0.84416
GEL 3.045453
GGP 0.841288
GHS 16.197167
GIP 0.841288
GMD 72.644458
GNF 9233.486569
GTQ 8.323586
GYD 224.413528
HKD 8.368198
HNL 26.521707
HRK 7.525505
HTG 142.174141
HUF 396.413252
IDR 17684.101399
ILS 3.985278
IMP 0.841288
INR 89.657613
IQD 1405.191284
IRR 45128.236178
ISK 149.514028
JEP 0.841288
JMD 166.966725
JOD 0.759905
JPY 169.879431
KES 137.516108
KGS 93.604241
KHR 4419.182193
KMF 491.631446
KPW 965.023212
KRW 1486.478449
KWD 0.328751
KYD 0.893922
KZT 494.037038
LAK 23531.940096
LBP 96054.896965
LKR 327.315876
LRD 208.309156
LSL 19.288029
LTL 3.166069
LVL 0.648592
LYD 5.200447
MAD 10.699629
MDL 19.146642
MGA 4825.279992
MKD 61.572826
MMK 3482.619215
MNT 3699.255212
MOP 8.625418
MRU 42.04201
MUR 50.021856
MVR 16.509922
MWK 1859.768275
MXN 19.750487
MYR 5.050822
MZN 68.29687
NAD 19.288029
NGN 1597.649063
NIO 39.482285
NOK 11.317265
NPR 143.122033
NZD 1.749882
OMR 0.412762
PAB 1.072627
PEN 4.089154
PGK 4.181651
PHP 63.102077
PKR 298.727337
PLN 4.323257
PYG 8078.12869
QAR 3.912744
RON 4.976836
RSD 117.057619
RUB 91.224926
RWF 1407.752794
SAR 4.022768
SBD 9.10293
SCR 14.643937
SDG 644.420705
SEK 11.21479
SGD 1.450231
SHP 1.354731
SLE 24.497971
SLL 22484.503499
SOS 613.029497
SRD 33.384972
STD 22193.365786
SVC 9.385237
SYP 2694.055366
SZL 19.300122
THB 39.411509
TJS 11.343205
TMT 3.76359
TND 3.359967
TOP 2.528469
TRY 34.95683
TTD 7.285881
TWD 34.702552
TZS 2798.567096
UAH 43.475214
UGX 4006.13719
USD 1.072248
UYU 42.215229
UZS 13544.036417
VEF 3884274.19294
VES 38.962887
VND 27292.996959
VUV 127.299384
WST 3.002954
XAF 654.493798
XAG 0.035514
XAU 0.000459
XCD 2.897803
XDR 0.814091
XOF 654.502934
XPF 119.331742
YER 268.437316
ZAR 19.455412
ZMK 9651.510884
ZMW 27.379428
ZWL 345.263373
  • RBGPF

    0.0000

    56.5

    0%

  • RYCEF

    0.1400

    5.97

    +2.35%

  • CMSC

    0.1260

    24.556

    +0.51%

  • GSK

    0.2900

    40.95

    +0.71%

  • RELX

    0.1000

    45.58

    +0.22%

  • BP

    0.2800

    35.39

    +0.79%

  • NGG

    0.7000

    56.5

    +1.24%

  • RIO

    0.2700

    66.26

    +0.41%

  • VOD

    0.0500

    8.91

    +0.56%

  • AZN

    -0.8900

    78.42

    -1.13%

  • BTI

    0.1800

    31.12

    +0.58%

  • SCS

    0.0900

    12.59

    +0.71%

  • CMSD

    0.0000

    24.3

    0%

  • BCC

    -0.5600

    126.29

    -0.44%

  • BCE

    -0.1400

    32.5

    -0.43%

  • JRI

    -0.2000

    11.85

    -1.69%

China-backed bank halts lending to Russia, Belarus
China-backed bank halts lending to Russia, Belarus

China-backed bank halts lending to Russia, Belarus

The China-backed Asian Infrastructure Investment Bank said it will suspend business related to Russia and Belarus, which have been hit with massive international sanctions over the Ukraine war.

Text size:

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".

The bank added that it was "actively monitoring the situation" in Ukraine and that management would do the "utmost to safeguard the financial integrity of AIIB".

The multilateral financial institution, a brainchild of Chinese President Xi Jinping, was launched in 2016 to counter the West's dominance of the World Bank and International Monetary Fund.

Russia is among the AIIB's founding members and holds around a six percent vote in its operations. It also has a seat on the bank's board of directors.

It is the third-biggest stakeholder behind China -- which holds almost 27 percent of voting power -- and India.

Disclosures on the AIIB website show it has so far approved two Russia projects with financing of $800 million.

Only a small portion of its loan portfolio is in Russia.

Two projects for Belarus have also been proposed, in the fields of public health and transport.

"AIIB stands ready to extend financing flexibly and quickly and support members who have been adversely impacted by the war," the bank said, without giving further details.

While Russia and Belarus are members of the bank, Ukraine is not.

While majority of governments have reacted to Russia's invasion with sanctions, Beijing, which has close ties with the Kremlin, has taken a cautious line over the invasion -- neither condemning it nor voicing outright support.

Financial institutions and businesses around the world are scrambling to distance themselves from Russia and Belarus over the conflict.

The Shanghai-based New Development Bank, established around the same time and for similar reasons as AIIB, also said it has "put new transactions in Russia on hold".

H.Roth--NZN