Central Banking

CLS says it will adhere to US sanctions on Russia

Bank of Russia

Currency settlement utility CLS will adhere to any sanctions placed on Russia by the US government, even if switching off ruble settlement were likely to severely disrupt the functioning of the Russian payments system.

The Central Bank of Russia (CBR) and CLS have been working towards a deadline of November to include the ruble in the universe of currencies settled through the utility, a date to which both organisations said they are committed.

But the recent flare-up of tension between Russia a

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