Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

The Bank for International Settlements (BIS) has decided to suspend Russia’s central bank to further isolate Moscow from the global financial system for Ukraine invasion, media reports said.

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The Switzerland-based global financial institution, which is owned by 63 central banks, stated that it was imposing international sanctions on the Central Bank of Russia.

“The BIS is following international sanctions against the central bank of Russia, as applicable, and will not be an avenue for sanctions to be circumvented,” a spokesperson said.

BIS has barred the central bank of Russia from accessing “all BIS services, meetings and other BIS activities”.

BIS joins the US and its allies in sanctioning the Central Bank of Russia after Russian President Vladimir Putin ordered a military operation against Ukraine.

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The Bank of Russia has taken several steps to mitigate the impact of these economic sanctions, including raising the key interest rate from 9.5% to 20% per annum.

The regulator has also injected billions of dollars into the banking system to maintain liquidity and reduced lenders’ mandatory reserves to allow them to release funds to customers and businesses.

Most recently, the central bank restricted local firms’ access to foreign-currency cash for the next six months, Reuters’ report said.

Local firms and business owners will be able to access US dollars, Japanese yen, British pounds, and euros worth $5,000 only till 10 September 2022.