Fractures in the monetary system

Seizure of Bank of Russia assets likely to have long-term implications for international system

Russia’s decision to launch a multi-pronged invasion of neighbouring Ukraine on February 24 sent shockwaves through the world. The conflict has caused a major humanitarian crisis, with thousands dead and millions displaced. The invasion also roiled financial markets, which initially were extremely volatile, with oil and gas prices continuing to rise as tensions escalated.

The day that Russian forces entered Ukraine, the Bank of Russia intervened heavily in foreign exchange markets using its

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account