04 March 2022 1 Min Read
Brics bank halts new transactions in Russia
New Development Bank ‘will continue to conduct business in full conformity with the highest compliance standards as an international institution’, it says
in Economy by Winni Zhou and Andrew Galbraith
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The New Development Bank (NDB), established by the Brics group of emerging nations, said it had put new transactions in Russia on hold.
“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 on Friday.
Brazil, Russia, India, China and SA — known together as Brics — are members of the New Development Bank.
Reuters