2 China-based development banks have opted to suspend business with Russia

The Financial Times reported Thursday that two China-based development banks have paused relations with Russia and other countries.

The relationship between Russia and China may be strained by the decision of the Asian Infrastructure Investment Bank to pause investments.

China has not joined other nations in imposing sanctions on Russia.

China has 27% of the voting power of the bank, while Russia has 6%, according to The Wall Street Journal. NATO members make up 23% of the voting shares of the bank.

The Asian Infrastructure Investment Bank extends its sympathies to everyone affected by the war in Ukraine. The bank said in a statement on their website that their hearts go out to all who are suffering.

Against the backdrop of the evolving economic and financial situation, the management will do their utmost to safeguard the financial integrity of the institution.

The New Development Bank suspended business with Russia. Russia is one of five shareholders who hold 20% of the company.

In its statement, the bank said it will continue to conduct business in full compliance with the highest standards as an international institution.

Russia launched a war on its neighbor, Ukraine. The war has resulted in sanctions, the occupation of one major city, and the fleeing of at least one million refugees.