The behind-the-scenes effort to convert Ukrainian refugee cash

How central and commercial banks worked to allow Ukrainians to exchange cash in wartime

The Russian invasion of Ukraine is the largest conflict on European soil since the Second World War. One aspect of the conflict immediately brings the 1940s to mind – the immense numbers of refugees fleeing across Europe’s borders.

The United Nations High Commissioner for Refugees (UNHCR) says almost 7.9 million people have been “recorded across Europe” as refugees as of December 27, and nearly 4.9 million had enrolled in refugee protection programmes. Many among the early waves of refugees

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