UKRAINE UPDATE: U.S. Imposes Sanctions on Russian Central Bank

The Treasury Department Monday cut all transactions with Russia’s Central Bank, the latest in a series of sanctions imposed on the country following its invasion of Ukraine.

Indeed, the sanctions are intended to cripple the Russian economy in hopes of stopping the escalating tension.

The new sanctions cut the Russian Central Bank from the U.S. dollar and limit Putin’s ability to soften the impact of previous sanctions, The Hill reports.

U.S. individuals and businesses are now unable to make any financial transactions 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 aforementioned branches.

“Our strategy, to put it simply, is to make sure that the Russian economy goes backwards as long as President Putin decides to go forward with his invasion of Ukraine,” a senior Biden administration official said on a call with reporters.