Central banking in occupied Ukraine: what might happen?

Russian soldier
A Russian soldier
Russian Ministry of Defence

As Russian forces extend their rule over Ukraine, they have also taken control over banking and currency in their zones of occupation. But what that means on the ground is not yet clear. Looking at Russia’s other recent incursions onto its neighbours’ territory might offer some important insights into what could happen.

Russian-controlled of parts of neighbouring countries have recently taken three different forms: annexation; the establishment of puppet governments; and military occupation

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