"We will make sure Russian economy goes backwards, as Putin goes forward" - US imposes sanctions on Russian CB

The U.S. Treasury Department on Monday banned transactions with Russia's Central Bank, Foreign Investment Fund and imposed strict financial sanctions on a Russian economy already in free fall, TURAN's Washington correspondent reports.

The new penalties, which are effective immediately, effectively cut the Russian Central Bank from the U.S. dollar and severely limit Vladimir Putin’s ability to dampen the blow of previous sanctions, a senior Biden administration official just told reporters over phone.

"No country is sanctions proof when we act together" the official said. "We will make sure Russian economy goes backwards, as Putin goes forward"

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.

Alex Raufoglu

Washington D.C.