Russia's central bank will no longer have access to services provided by the Bank for International Settlements.
The Bank for International Settlements (BIS), headquartered next to Basel's main train station, is suspending Russia's central bank as a member, it told «CNN» (behind paywall) and other outlets.
BIS supports central banks in maintaining global monetary and financial stability in their countries and offers a wide range of services to its members, such as enabling central banks to carry out joint research projects.
Access to Innovation
In recent years, it has hosted and supported the development of digital financial instruments and set up an innovation hub network across the globe.
The suspension shows how Vladimir Putin's Russia has become after starting a war against Ukraine.
