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Russia Ukraine conflict

Russian state depository halts operations in euros after EU sanctions

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The Russian National Settlement Depository (NSD) said on Friday it suspends operations in euros due to the latest EU sanctions, calling the situation an emergency.

The European Union has expanded sanctions against Russia and added the NSD, which Moscow planned to use to service the country’s Eurobonds, to the list of sanctioned entities, an EU document showed on Friday.

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Last month, Russian President Vladimir Putin said the oil sector was undergoing a “tectonic change,” but claimed Europe would be committing “economic suicide” with its sanctions on Moscow over Ukraine.

By seeking to phase out Russian energy supplies, Europe will only hurt itself, Putin said, urging state officials to use “ill-thought-out” moves by the West to the country’s advantage.

He told an energy meeting that Europe would see higher energy prices and higher inflation as a result of its actions.

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