Ukraine: the challenges for central banks

Rules on the weaponisation of money would help to protect a ‘public good’ amid geopolitical splits in a testing environment for central banks, write Gavin Bingham, Paul Fisher and Andrew Large

weaponisation of money

The war in Ukraine has cast a dark shadow over the global political and economic order. The application of sanctions to payments, central banks and commercial banks, and national reserves – the weaponisation of finance – entails the incursion of politics into the operation of the international monetary system in a way that may have momentous long-term consequences for central banks.

This article considers the impact of sanctions on the operation of the international financial system; how

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