SHANGHAI, March 4 (Reuters) – The New Development Bank (NDB) established by the BRICS group of emerging nations said it has put new transactions in Russia on hold.

“In light of unfolding uncertainties and restrictions, NDB has put new transactions in Russia on hold. NDB will continue to conduct business in full conformity with the highest compliance standards as an international institution,” it said in a statement posted on its website.

Brazil, Russia, India, China and South Africa – known together as BRICS – are members of the New Development Bank.

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(Reporting by Winni Zhou and Andrew Galbraith; Editing by Christopher Cushing)