Bank for International Settlements "Suspension of Service Access for Russian Central Bank"

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] The Bank for International Settlements (BIS), which includes major central banks, announced on the 10th (local time) that it will block the Russian Central Bank's access to its services. This measure is expected to further deepen Russia's isolation in international finance.

According to AFP, a BIS spokesperson stated, "Access to all BIS services and meetings for the Russian Central Bank has been suspended." He explained, "BIS is complying with international sanctions against the Russian Central Bank and will not become a channel for sanction evasion."

BIS is an institution with 63 central banks from countries accounting for 95% of the world's gross domestic product (GDP), where these banks discuss major monetary policies.

Earlier, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) decided to exclude seven Russian banks and their subsidiaries within Russia from its payment network starting from the 12th, in line with Western sanctions against Russia.

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