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NBU Calls on Bank for International Settlements to Terminate Membership of Russian Central Bank

NBU Calls on Bank for International Settlements to Terminate Membership of Russian Central Bank

Governor of the National Bank of Ukraine Kyrylo Shevchenko addressed the Board of Directors of the Bank for International Settlements (BIS), which serves as a bank for central banks, asking to terminate the membership of the Central Bank of Russian Federation (CBRF) because of Russian aggression against Ukraine.

Excluding the CBRF and imposing sanctions against the Russian Federation by all international financial institutions is an important step in response to Russian aggression.

 “I would like to ask you to consider the possibility of suspension of the Bank of Russia’s membership in the BIS, its Committees, working groups. Taking into account the status of the BIS in the world finanсe, this sanction from your side will help us fight the aggressor on the financial battlefield,” said NBU Governor in his letter to the BIS leadership. Kyrylo Shevchenko also proposed to reconsider granting the NBU membership in the organization.

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