The Central Bank of Russia has been hit with sanction by the Bank for International Settlements.

The Bank for International Settlements effectively serves as the central bank of central banks.

It has now suspended Russia’s central bank following the invasion of Ukraine.

“The Bank for International Settlements is following international sanctions against the Central Bank of Russia, as applicable, and will not be an avenue for sanctions to be circumvented,” a BIS spokesperson told CNN on Thursday in a statement.

“The access of the Central Bank of Russia to all BIS services, meetings and other BIS activities, has been suspended.”

Western powers led by the US and EU are imposing punishing sanctions on Russia and its central bank.

Founded in 1930, the BIS is owned by 63 central banks, including the US Federal Reserve and the European Central Bank.

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