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Bank for International Settlements: Central Bank of the Russian Federation

Question for Treasury

UIN HL7237, tabled on 22 March 2022

To ask Her Majesty's Government what they consider would constitute the withdrawal of banking services from the Central Bank of Russia by the Bank of International Settlements; what discussions they have had with the Bank of England about the withdrawal; and what assessment they have made of the effectiveness of the measures to withdraw such banking services from Russia.

Answered on

4 April 2022

The government and Bank of England have cooperated closely in implementing sanctions on Russia and will continue to do so. Decisions over the nature of services provided by the Bank for International Settlements (BIS) are a matter for that body and its members. The Bank of England, which is the United Kingdom’s member, has engaged with the BIS on this issue. The BIS has suspended access of the Central Bank of Russia to all BIS services, meetings and other BIS activities. The government is confident that the range of unprecedented measures announced by the international community are having a significant effect on the Russian economy undermining its ability to wage war in Ukraine.

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