"We the management will do our utmost to safeguard the financial integrity of AIIB, against the backdrop of the evolving economic and financial situation," the bank was quoted as saying by Nikkei Asia.

"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," the bank said.

China holds a leading 30% stake and can veto decisions at the development bank, which began operating in January 2016.

Beijing has previously voiced opposition to financial sanctions on Russia imposed by the U.S., the European Union and other governments.

The AIIB may be reevaluating its operations in Russia and Belarus over concerns that these sanctions could disrupt debt payments and other activities there, the newspaper reported.