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BIS says it won't help Russia evade sanctions
By Marc Jones
Monday, February 28, 2022
LONDON -- The Bank for International Settlements, the umbrella body for central banks worldwide, said today it would not be an avenue for any circumvention of powerful Western sanctions put on Russia over the weekend.
Western allies announced sweeping new sanctions against Moscow on Saturday, including Russia's central bank in a bid to restrict its ability to deploy $640 billion of forex and gold reserves.
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As part of its role, the Switzerland-based BIS can conduct currency and reserves transactions for its member central banks, which include Russia.
"The BIS will not be an avenue for sanctions to be circumvented," spokeswoman Jill Forde said during a conference call with journalists following its first major report of the year. "The BIS will follow sanctions as applicable." ...
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