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

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