is ring-fencing
Present progressive he/she conjugation of ring-fence.

ring-fence

ring-fence
A transitive verb is a verb that requires a direct object (e.g., I bought a book.).
transitive verb
1. (finance)
Regionalism used in the United Kingdom
(United Kingdom)
a. blindar
The council ring-fenced the funds for the new library to ensure that they weren't spent on anything else.El ayuntamiento blindó los fondos de la nueva biblioteca para garantizar que no se gastaban en otra cosa.
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