Sanctions on Russia’s central bank

Central-bank sanctions imposed in February 2022 by Canada, the European Commission, France, Germany, Italy, the United Kingdom and the United States against Russia have constrained the country’s ability to manage its capital account and lowered its future growth potential. There are, however, gaps in the sanctions regime, and some hard currency held by Moscow has flowed abroad, where it has been invested productively. In addition, Russia has been able to replace the assets immobilised by sanctions through external sales of oil and gas.