The Asian Infrastructure Investment Bank (AIIB) suspended all businesses relating to Russia and Belarus on March 4, as reported by Nikkei Asia on the same day. The AIIB stated that it strives to safeguard the financial integrity of the bank amid the evolving economic and financial situation. Additionally, the bank vowed to provide financial support to members adversely impacted by the Russia-Ukraine war. Another multilateral development bank, New Development Bank (NDB), which was created by Brazil, Russia, India, China, and South Africa to fund infrastructure projects, announced on March 4 that it will halt all new transactions in Russia due to unfolding uncertainties and restrictions.
China holds more than 30% of stakes in the AIIB and 19% in the NDB, while Russia has a 6.7% equity in AIIB and 19% in NDB. The AIIB has granted USD800m worth of investments and loans to Russia, with another USD300m pending approval. Aside from that, it also has proposed projects worth EUD200bn (USD222bn) in Belarus. According to Scott Morris, Director of the US Development Policy Initiative, the Russia-Ukraine war presents a test on the AIIB’s multilateral character, as it is the first cross-border conflict the bank has navigated since its establishment in 2016.