Russia suspended from Bank for International Settlements

The Bank for International Settlements — which effectively serves as the central bank of central banks — has suspended Russia’s central bank following the invasion of Ukraine.

“The Bank for International Settlements 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 told CNN on Thursday in a statement. “The access of the Central Bank of Russia to all BIS services, meetings and other BIS activities, has been suspended.”

The suspension comes after Western powers, led by the United States and European Union, imposed punishing sanctions on Russia and its central bank.

Founded in 1930, the BIS is owned by 63 central banks, including the US Federal Reserve and the European Central Bank. The BIS says its mission is to support central bank monetary policy and financial stability through international cooperation.