The Bank for International Settlements (BIS) axed Russia’s membership, marking a major retaliatory move among global bodies in response to President Vladimir Putin’s military operation in Ukraine.
The BIS— often referred to as the “bank for central banks,” on Thursday suspended Central Bank of Russia’s access to its “services, meetings and other BIS activities,” following Moscow’s invasion of neighbouring Ukraine. “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 BIS spokesperson said, as cited by The Times.
Originally founded in 1930, the BIS is comprised of 63 central banks from around the world, aiding members in achieving “monetary and financial stability through international cooperation.” However, the institution’s latest move is merely a symbolic one; the BIS does not actually aid in the facilitation of payments between banks, nor does it manage the global financial system.
Nevertheless, though, Russia’s suspension marks yet another denunciation for its military operation in Ukraine, amid growing pressure on international bodies to join the West’s maximum pressure campaign of restrictions and sanctions against Moscow.
Information for this briefing was found via The Times. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.