New Development Bank chef Dilma Rousseff and Russian President Vladimir Putin.The chief of the New Development Bank said it's not funding any new projects in Russia.
Russia is a founding member of the New Development Bank alongside Brazil, India, China, and South Africa. The distance the NBD is putting between itself and Russia adds to the country's economic and financial isolation. Russia's so cut off from the global financial system that even the New Development Bank, or NDB — a multilateral lender it cofounded — doesn't want to start new projects there amid sweeping sanctions against the nation.
"Any speculations concerning the discussion of new operations of the NDB in Russia are unfounded," the development bank said in aThe Shanghai-headquartered NDB was founded in 2015 by the"BRICS" nations — that's Brazil, Russia, India, China, and South Africa.
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