New Development Bank Halts Services in Russia
Written by Mfundo on 9 March, 2022
By: Sthulile Mdletshe
The New Development Bank has joined several other institutions around the globe who are halting services from Russia.
The bank was initially set up in 2013 to provide services to members of the BRICS umbrella, which also includes Russia.
These actions follow mounting public pressure from the West for companies to stop any form of business operations with Moscow.
Several international franchises employing thousands of people in Russia are also pulling out, while calling on president Vladimir Putin to withdraw his troops from Ukraine.
The NDB says the unfolding uncertainties between Russia and Ukraine go against articles of agreement.
Meanwhile, the US has also announced a ban on all imports of Russian oil, gas, and coal imports, with President Joe Biden saying America has implemented the most significant sanctions in history on Russia, crippling its ability to do business.
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