Russia is to sign up to the Chinese-led development bank AIIB, first deputy prime minister Igor Shuvalov said Saturday at an international forum in China, cited by Russian news agencies.

“I’d like to inform you that Russian President Vladimir Putin has taken the decision that Russia will participate in the capital of the Asian Infrastructure Investment Bank (AIIB),” Shuvalov said at China’s Boao Forum, quoted by RIA Novosti state news agency.

The Beijing-backed AIIB, unveiled in October, is a multinational lender that the United States perceives as a threat to the Washington-led World Bank.

It has proved highly successful with countries that are US allies, however, with Britain, Germany, France, Italy and this week South Korea all saying they intend to join the $50 billion (46 billion euro) bank.

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