Brazil, Russia, India, China and South Africa - known together as BRICS - are members of the New Development Bank.
The New Development Bank (NDB), a China-based multilateral bank set up by BRICS nations, said on Thursday it has halted new transactions in Russia, even as Russia escalates its attack on Ukraine.
“In light of the uncertainties and sanctions, the NDB has stopped new transactions in Russia. NDB as an international institution will continue to conduct business in line with the highest compliance standards,” the bank said in a statement posted on its website.
"NDB applies sound banking principles in all its operations, as set forth in its articles of agreement," it said.
Brazil, Russia, India, China and South Africa or BRICS are the founding members of the NDB.
It is the second China-based multilateral bank after the Asian Infrastructure Investment Bank (AIIB) in Russia and Belarus to halt its projects after Moscow's invasion of Ukraine.
The NDB was established in 2015 by BRICS countries to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies. The Multilateral Development Bank is headquartered in Shanghai.
The US and Europe have imposed economic sanctions on Russia in their efforts to deepen the country's economic isolation following the attack on Ukraine.
The China-backed AIIB said on Thursday that it has suspended all activities related to Russia and Belarus in the wake of the current conflict in Ukraine and is reviewing.
In a statement announcing the freeze and review, the AIIB referred to the situation as "the war in Ukraine", the closest to the "invasion" that any Chinese government-affiliated institution has so far carried out in Eastern European countries. The situation in the country is described.
"As the war rages in Ukraine, the Asian Infrastructure Investment Bank (AIIB) extends its thoughts and sympathies to all affected. Our hearts go out to all those who are suffering," read a statement published on the Beijing-based lender's website .
Officially, China continues to refer to Russia's actions in Ukraine as a "special military operation" and strongly opposes economic sanctions against its strategic ally. China, a major buyer of Russian oil and gas, has refrained from criticizing Moscow's attack on Ukraine.
Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said on Thursday that Beijing opposes the sanctions.
“We will not engage in such sanctions, and we will maintain normal economic, trade and financial exchanges with all relevant parties. We reject financial sanctions, especially sanctions introduced unilaterally, because they have There is not much legal basis and will not have a good effect,” Guo said at a news conference.