European agreement to stop dealing with the Russian Central Bank

European Union Foreign Minister Josep Borrell announced that European foreign ministers agreed on Sunday to stop dealing with the Russian Central Bank, in coordination with the member states of the Group of Seven.

Borrell explained that "more than half of the central bank's reserves will be disrupted because they are placed in institutions in the Group of Seven countries," noting that the political agreement between the ministers constitutes a prelude to an official adoption of the procedure before the markets open on Monday.

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