BRICS Bank Puts All New Transactions on Hold in Russia

BRICS Bank Puts All New Transactions on Hold in Russia
Photo: IndiaThinkers 05.03.2022 292

Established by the BRICS countries (Brazil, Russia, India, China and South Africa), the New Development Bank (NDB) suspends new transactions in Russia, amidst the Ukraine crisis. This is stated in a statement by the press service of the financial  institution, published on Friday,March 4.

"In light of unfolding uncertainties and restrictions, NDB has put new transactions in Russia on hold. NDB will continue to conduct business in full conformity with the highest compliance standards as an international institution," 

it said in a statement posted on its website.

The New Development Bank was established by the BRICS countries on the basis of the intergovernmental agreement signed at the VI BRICS Summit in Fortaleza in July 2014. The purpose of the bank is to finance infrastructure projects and sustainable development projects in the BRICS countries and developing countries. The Bank previously received international credit ratings of AA+ from Fitch Ratings and S&P Global Ratings, allowing it to effectively attract long-term funding in the international and local capital markets.

On Wednesday, the World Bank announced that it will stop all its programmes in Russia and Belarus with "immediate effect" in response to Russia's military actions in Ukraine.

A large number of countries, organisations and businesses are severing ties and have imposed sanctions on Russia over the country's military actions in Ukraine, and with Belarus for its support and cooperation with Moscow.

Source: TASS

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