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New Development Bank to put all new Russian transactions on hold

CAPE TOWN – The New Development Bank (NDB) has on Tuesday announced it will be putting all new Russian transactions on hold.

The bank was originally set up as a part of the BRICS bloc.

The move follows similar decisions by other banks around the world to enforce sanctions on Russia following its invasion of Ukraine.

The bank was set up back in 2013 after leaders from Brazil, Russia, India, China and South Africa identified the need for an alternative financial services provider.

So naturally, Tuesday's news of the bank's plans to stop all new transactions from one of the biggest BRICS block members has sent shockwaves throughout these emerging market nations.

But an NDB statement made no mention of Russia's invasion of Ukraine or the subsequent numerous sanctions now facing that country, only saying the decision to was made "in light of unfolding uncertainties and restrictions".

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Neither Timur Maksimov nor Pavel Snisorenko, Russian board members for the bank, have commented on the move.

Artmotion S.Africa

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