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The Biden Administration Has Increased Sanctions On Russia, Including Freezing All U.S. Transactions With The Country’s Central Bank

The Biden Administration Has Increased Sanctions On Russia, Including Freezing All U.S. Transactions With The Country's Central Bank

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WASHINGTON — The U.S. Department of State has issued a statement saying that Earlier this week, the Biden administration issued further sanctions on Russia’s central bank, a move that practically forbids Americans from doing business with the bank and effectively freezes its assets in the United States.

The National Wealth Fund of the Russian Federation and the Russian Federation’s Ministry of Finance will be targeted by the new measures and other institutions.
According to a senior Biden administration official who spoke on the condition of anonymity to reveal Washington’s thinking, the new penalties will go into force immediately, according to the individual.

According to the official, “we wanted to put these actions in place before our markets opened on Monday because we learned throughout the weekend from our allies and partners that the Russian Central Bank was attempting to move assets and that there would be a great deal of asset flight starting on Monday from institutions around the world.”
“To put it another way, we aim to ensure that the Russian economy continues to deteriorate. While President Putin chooses to proceed with his assault of Ukraine,” the source concluded, “we will continue to support him.”

Kirill Dmitriev, another supporter of Russian President Vladimir Putin and the direct investment fund that Dmitriev manages, have also been added to the list of sanctions by the United States. The Russian Direct Investment Fund, or RDIF, is nominally a sovereign wealth fund but primarily a slush fund for President Vladimir Putin’s political ambitions.

According to the person, the United States expects its partners to take similar measures in the coming days.

According to reports, this follows the announcement by the United States and its partners over the weekend that they would adopt restrictive measures to prevent Russia’s central bank from deploying its overseas reserves in a manner that may violate sanctions.

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