US cuts off Russia's central bank from US dollar transactions
The Biden administration has announced additional sanctions against Russia’s central bank by prohibiting Americans from doing any business with the bank as well as freezing its assets within the United States over the invasion of Ukraine. The new measures will also target the National Wealth Fund of the Russian Federation and the Ministry of Finance of the Russian Federation. A senior Biden administration official, who spoke on the condition of anonymity in order to share Washington’s thinking, said the new sanctions will take effect immediately. “We wanted to put these actions in place before our markets open because what we learned over the course of the weekend from our allies and partners was the Russian Central Bank was attempting to move assets and there would be a great deal of asset flight starting on Monday morning from institutions around the world,” the official said, on a conference call with reporters. “Our strategy to p...