Russian central bank pledges support to sanctions-hit banks, promises to honor forex deposits

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FILE PHOTO: A Russian state flag flies over the Central Bank headquarters in Moscow

MOSCOW – Russia’s central bank is ready to support banks hit by Western sanctions, it said on Friday, promising to provide them with rouble and foreign exchange liquidity while saying claims to withdraw forex deposits would be fulfilled in full.

“All banks have developed measures to ensure uninterrupted operations in the face of sanctions, and we assess these plans as adequate,” the central bank said, adding it was ready to use additional tools to maintain banks’ stability if needed.

(Reporting by Elena Fabrichnaya; Writing by Katya Golubkova; Editing by Chris Reese)