US imposes sanctions on Russian central bank [View all]

[nitpicker]

Source: The Hill

US imposes sanctions on Russian central bank
BY SYLVAN LANE - 02/28/22 07:33 AM EST


The Treasury Department on Monday banned transactions with the Central Bank of Russia and the Russian foreign investment fund, imposing strict financial sanctions on a Russian economy already in free fall.

The new penalties effectively cut the Russian central bank from the U.S. dollar and severely limit Russian President Vladimir Putin’s ability to dampen the blow of previous sanctions.

U.S. individuals and businesses are now unable to make any financial transitions with or on behalf of the Central Bank of the Russian Federation, National Wealth Fund of the Russian Federation, and the Ministry of Finance of the Russian Federation. The sanctions also ban any foreign financial firm from sending U.S. dollars to the Russian central bank, finance ministry and wealth fund.

The Treasury Department said it would make exceptions for certain energy-related payments in a bid to prevent a sharp spike in global oil and natural gas prices. But U.S. officials said Monday the new penalties would still push the Russian economy deeper into a collapse they blame on Putin’s invasion into Ukraine.
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Read more: https://thehill.com/policy/finance/596082-us-imposes-sanctions-on-russian-central-bank