China-backed multilateral development bank Asian Infrastructure Investment Bank (AIIB) announced on Thursday that it has supended all activities relating to Russia and Belarus.

In a statement posted on its website, the AIIB said that as a multilateral organisation created by an international treaty, adherence to international law lies at the "very core" of the institution.

The statement said: "We, the Management, will do our 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 and India are the first and second biggest shareholders respectively of AIIB.

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)