Asian Infrastructure Investment Bank (AIIB) said on Thursday it has put all activities relating to Russia and Belarus on hold and under review in the wake of the current conflict in Ukraine.

The Beijing headquarted AIIB said in a statement that its management would do its utmost to safeguard the financial integrity of AIIB, against the backdrop of the evolving economic and financial situation.

“Under these circumstances, and in the best interests of the Bank, Management has decided that all activities relating to Russia and Belarus are on hold and under review.”

China is the largest shareholder in the development bank holding 26.5% of its voting power.