THIS MESSAGE (MATERIAL) IS CREATED AND (OR) DISTRIBUTED BY A FOREIGN MASS MEDIA PERFORMING THE FUNCTIONS OF A FOREIGN AGENT AND (OR) A RUSSIAN LEGAL ENTITY PERFORMING THE FUNCTIONS OF A FOREIGN AGENT.
The Bank of Russia has the necessary resources and tools to maintain financial stability and ensure the operational continuity of the financial sector against the backdrop of sanctions announced by Western countries against the Russian Federation after the start of the military operation in Ukraine.
As stated in a special statement by the press service of the Central Bank of the Russian Federation, the regulator “will continuously provide banks with cash and non-cash liquidity in rubles.” “The fine-tuning repo auction on Monday will be held on an unlimited basis, with the full satisfaction of all applications received from banks. In order to cover the possible needs of banks in current liquidity, the Bank of Russia will significantly expand the Lombard List.
According to PRIME, the Central Bank of the Russian Federation includes in the pawn list those securities that it is ready to accept as collateral for refinancing operations of credit institutions. Refinancing of credit institutions by the Bank of Russia is one of the main instruments of monetary policy and is carried out on a secured basis.
At the same time, the Central Bank assured that “the Russian banking system is stable, has sufficient capital and liquidity for uninterrupted operation in any situation,” and “all customer funds in the accounts are saved and available at any time.”
In addition, the regulator emphasizes, “banking services are provided as usual,” and “bank cards of all banks in Russia also continue to work normally.”
“The transmission of financial messages within the country in any scenario is provided by the Financial Message Transmission System (SPFS) of the Bank of Russia,” the Central Bank points out.
Recall, on February 24, Russian President Vladimir Putin made an emergency appeal to the Russians and announced a special military operation in the Donbass. In his speech, he stated that “circumstances require decisive action from Russia” and stressed that “Russia will not allow Ukraine to have nuclear weapons.”
Reacting to the Kremlin’s decision, US President Joe Biden, in a special statement, called Russia’s attack on Ukraine unprovoked and unjustified and promised to hold it to account.
For his part, UN Secretary-General António Guterres urged Putin to “stop the soldiers” from attacking Ukraine and give peace a chance.
In response to Russia’s actions, Western countries (USA, Canada, European Union, Great Britain, Japan) announced new, tougher sanctions against the Russian Federation, including financial and economic ones.
Sanctions, in particular, hit Russian banks, including Sberbank, VTB, Novikombank, FC Otkritie and Sovcombank.
Later, the EU countries and the United States agreed to disconnect Russian banks that fell under sanctions from the international system of interbank transactions and information exchange SWIFT. In addition, it was decided to freeze the assets of the Bank of Russia, which will create difficulties for its use of international reserves. EU countries also pledged to take steps to limit the sale of citizenship — the so-called “golden passports” that allow wealthy Russians connected to the Russian government to become citizens of EU states and access their financial systems.
You can follow the chronicle of events around Ukraine on February 27 here.
Source: Rosbalt
Tristin is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
