The Chinese regulatory authority has asked at least two state-owned insurance companies to urgently report their business and investments in Russia due to concerns about the damage to the two economies amid the intense war between Russia and Ukraine.

Reuters, citing sources, reported on Saturday that the authority also required the insurers to measure the impact of the sanctions and submit their contingency plan by Friday.

According to the sources, the move was prompted after some countries sanctioned Russia.

This move also came after the Asian Infrastructure Investment Bank (AIIB) announced that it suspended all Russia-related activities on Thursday.

The AIIB said that it has put on hold and under review all activities relating to Russia for the bank’s best interests in a recent economic and financial woe.

According to VOA, AIIB was established in June 2015 in Beijing with 57 founding members, among them China is the largest shareholder in the bank, holding 26% of its voting power.

Since Russia invaded Ukraine, Western countries cut off Russia’s economy from the global financial system and called international companies to halt sales in the country.

China, the most significant export and import trading partner with Russia has opposed the sanctions and has expressed its hopes to trade exchanges with Russia as usual.

On Wednesday, Guo Shuqing, the China Banking and Insurance Regulatory Commission chairman, explained that Beijing opposed financial penalties because they lack a legal basis and have negative consequences. Instead, Quo said China would maintain usual trade and financial ties with Moscow and Kyiv.

His comments echoed Commerce Minister Wang Wentao’s remarks when Wang said China hopes to promote regular trade with Russia and Ukraine.

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