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Bank for International Settlements: Russia

Question for Treasury

UIN HL7238, tabled on 22 March 2022

To ask Her Majesty's Government whether they have encouraged the Bank of England to make representations to the Bank of International Settlements in order to ensure that the Bank of International Settlements is not used to circumvent sanctions on Russia; if so, whether they are aware of any such representations; and if not, whether they will ask the Bank of England to make such representations.

Answered on

31 March 2022

The government and Bank of England have cooperated closely in implementing sanctions on Russia and will continue to do so. The Bank of England has engaged with the Bank of International Settlements (BIS). The BIS has suspended access of the Central Bank of Russia to all BIS services, meetings and other BIS activities.

Answered by

Treasury