The reason for the harsh economic sanctions against Russia, paralyzing the assets of the Central Bank, was the military operation of the Russian Federation on the territory of Ukraine. The heads of the diplomatic departments of the EU countries spoke in solidarity for the imposition of sanctions against the banking system of the Russian Federation. According to analysts, about half of all financial reserves of the Central Bank fell under the freeze.
“Transactions related to the management of reserves, as well as assets of the Central Bank of Russia, are prohibited, including transactions with any legal entity, organization or body acting on behalf of or on behalf of the Central Bank of Russia,”Interfax quotes the text of the document.
The decision to freeze the assets of the Central Bank was made following the results of the Council of EU Foreign Ministers on the evening of February 27.
The plans of the EU to impose tough sanctions against Russia for the military operation in Ukraine became known on February 21, when Russia recognized the independence of the self-proclaimed Donetsk and Luhansk People's Republics, which are part of the Donetsk and Luhansk regions of Ukraine. Russia was accused of supporting separatism and threatened with harsh sanctions.
When, on February 24, Russian President Vladimir Putin announced the start of a full-scale military operation on the territory of Ukraine with the aim of “denazification” of the republic, sanctions pressure on Russia was intensified.
The Bank of Russia said it was ready for tough sanctions, including the possible disconnection of the country from the SWIFT system. The Central Bank emphasized that the regulator "has the necessary resources and tools to maintain financial stability and ensure the operational continuity of the financial sector." Meanwhile, the citizens of the country, frightened by the possible withdrawal of money from the population for the military and current needs of the state, rushed to the banks to withdraw cash. Only on the first day of the military special operation in Ukraine, they withdrew an unprecedented 111 billion rubles from bank accounts.