Economics
EU Approves Banning Transactions With Russian Central Bank
- Bloc moves to isolate Moscow’s economy and financial system
- Russia’s central bank has about $640 billion in reserves
The headquarters of Bank Rossii, Russia's central bank, in Moscow, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
European Union foreign affairs ministers approved banning all transactions with the Russian central bank, according to officials familiar with the decision.
The move, which is part of an effort to isolate Moscow’s economy and financial system, paves the way for the measure to be adopted as soon as Sunday evening, said the officials, who asked not to be identified because the process is private. Russia has about $640 billion in reserves.