The China-led Asian Infrastructure Investment Bank has decided to freeze projects with Russia and Belarus as Western countries expand sanctions against the two nations in the wake of Moscow's aggression against Ukraine.
The Chinese government has not changed its policy toward continuing its trade and business engagements with Russia, but the AIIB, comprised of dozens of member countries, has decided to keep in step with the United States and other democratic countries.
In a statement released Thursday, the bank said given the current circumstances, it has "decided that all activities relating to Russia and Belarus are on hold and under review "in the bank's "best interests." Belarus, which borders both Russia and Ukraine, has supported the Russian invasion.
The bank has suspended its project with Russia related to the rail sector worth $300 million while freezing its two activities with Belarus, it added.
The bank said its management "will do our utmost to safeguard the financial integrity of AIIB, against a backdrop of the evolving economic and financial situation."
The AIIB, a multinational financial organization launched in 2015 by Beijing, has sought to promote Chinese President Xi Jinping's "Belt and Road" infrastructure development initiative.
Russia is the third-biggest stakeholder of the AIIB after China and India, holding 6 percent of the voting power in the bank's management.
On Friday, meanwhile, the Chinese government reiterated that it hopes the Ukraine crisis will be resolved through dialogue and negotiations.
Foreign Ministry spokesman Wang Wenbin also called for the safety of nuclear facilities in Ukraine after reports that Europe's largest atomic power plant located in Ukraine came under attack by the Russian military.
As for Chinese citizens in Ukraine, Wang said the government will make efforts to help them evacuate safely. In February, the official Xinhua News Agency reported that around 6,000 Chinese people were in the Eastern European country.
Wang said Thursday that more than 3,000 Chinese nationals in Ukraine had been evacuated to neighboring nations since Russia's invasion. But Beijing has come under fire from Chinese social media users for its belated evacuation efforts, which began only days after the invasion.
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