The Bank for International Settlements — which effectively serves as the central bank of central banks — has suspended Russia’s central bank following the invasion of Ukraine.
“The Bank for International Settlements is following international sanctions against the Central Bank of Russia, as applicable, and will not be an avenue for sanctions to be circumvented,” a BIS spokesperson told CNN on Thursday in a statement. “The access of the Central Bank of Russia to all BIS services, meetings and other BIS activities, has been suspended.”
The suspension comes after Western powers, led by the United States and European Union, imposed punishing sanctions on Russia and its central bank.
Established in 1930, the BIS is owned by 63 central banks, including the US Federal Reserve and the European Central Bank. representing countries from around the world that together account for about 95% of world GDP.
The BIS says on its website its mission is to support central bank monetary policy and financial stability through international cooperation and to “act as a bank for central banks.”
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
