The European Union has banned operations related to management of reserves and assets of the Central Bank of Russia.
In response to Russia’s actions in Ukraine, the European Union has banned operations related to management of the assets of the Central Bank of Russia. (Photo: File)
In response to Russia’s invasion of Ukraine, the European Union has banned operations related to management of reserves and assets of the Central Bank of Russia.
On Saturday, Western allies had blocked certain Russian banks from the international payments system, SWIFT, and committed to imposing restrictive measures on the central bank to keep it from deploying its international reserves to undermine sanctions.
The Central Bank of Russia has responded to the West’s threats of sanctions amid the Russia-Ukraine war by saying it would provide domestic banks with cash and non-cash liquidity in rubles in order to maintain financial stability and protect the economy.
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“The Bank of Russia will continuously provide banks with cash and non-cash liquidity in rubles,” the statement released by the press service of the Central Bank said.
RUSSIAN CENTRAL BANK’S RESPONSE TO SANCTIONS
Russia’s central bank announced a number of measures on Sunday to support domestic markets after the West imposed fresh sanctions over the weekend.
The central bank said it would resume buying gold on the domestic market, launch a repurchase auction with no limits and ease restrictions on banks’ open foreign currency positions. It also increased the range of securities that can be used as collateral to get loans and ordered market players to reject foreign clients’ bids to sell Russian securities.
(With inputs from Reuters)
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