Ukraine conflict: In fresh sanctions, US targets Russia's central bank

Updated on Feb 28, 2022 08:24 PM IST

Russia-Ukraine conflict: The US Department of State barred Americans from engaging in any business with the Central Bank of the Russian Federation, National Wealth Fund of the Russian Federation or the Finance Ministry of Russian Federation.

The fresh measures are likely to drive Russian inflation higher, cripple its purchasing power and drive down investments, US officials said.(Bloomberg)
The fresh measures are likely to drive Russian inflation higher, cripple its purchasing power and drive down investments, US officials said.(Bloomberg)

The United States on Monday imposed fresh measures against the Russian financial system over the Kremlin’s invasion of Ukraine. The US Department of State, in a new order, barred Americans from conducting any transaction involving the Central Bank of the Russian Federation, National Wealth Fund of the Russian Federation or the Finance Ministry of Russian Federation.

The unprecedented economic sanctions imposed by the United States and its allies on Russia's central bank and other key sources of wealth are likely to drive Russian inflation higher, cripple its purchasing power and drive down investments, US officials said.

Live updates on Russia-Ukraine conflict

The development came amid an ongoing meeting between representatives of Moscow and Kyiv in Belarus even as heavy fighting was reported from cities and suburbs of Ukraine on day 5 of the invasion.

Also read | US suspends operations at its Belarus embassy, authorises diplomats to leave Russia

The latest measures comes after the United States and its allies over the weekend imposed several rounds of sanctions targeting Moscow, including against Russian President Vladimir Putin and Russia's largest lenders, after the country's forces invaded Ukraine.

Meanwhile, Russia said it would manage to sail through sanctions imposed on it by the West and that Putin will soon meet officials and senior ministers to discuss the economic impact of the measures. 

Moscow also banned airlines from 36 countries from its airspace in retaliation to a similar move from European states, ratcheting up the confrontation with nations that have rushed to punish Moscow for invading Ukraine.

(With agency inputs)

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