World News | US announces additional measures against Russian financial system

Washington [US]Feb. 28 (ANI): The United States, in response to Russia’s military operations against Ukraine, announced additional measures against Moscow’s financial system.

“The United States Treasury Department’s Office of Foreign Assets Control (OFAC) has prohibited any U.S. person from engaging in any transaction involving the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation or the Ministry of Finance of the Russian Federation,” read a press release from US Secretary of State Antony Blinken.

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The US action will ban US dollar transactions with the Russian central bank and completely block the Russian direct investment fund.

Instead of using the reserves to cushion a plummeting rouble, Russia will no longer be able to access the funds it keeps in US dollars.

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“In addition, OFAC imposed blocking sanctions on the Russian Direct Investment Fund, a slush fund known to President Putin and his entourage, two of his subsidiaries and CEO Kirill Dmitriev,” the statement added.

The moves are aimed at preventing Russia from accessing a “rainy day fund” that officials say Moscow expected to rely on during the invasion of Ukraine.

“In coordination with our allies and partners, the United States is today taking further action against Russia’s financial system in response to Russia’s continued premeditated war against Ukraine. Unwavering in our support for sovereignty and to the territorial integrity of Ukraine, we will continue to act with our allies and partners to impose costs on Russia if it pursues the war of its choice,” Blinken said.

Blinken said today’s actions would undermine Russia’s ability to use its international reserves.

“We have taken today’s action to impede Russia’s ability to use its international reserves in a way that undermines the impact of our sanctions, as well as to prevent Russia from accessing its wealth fund. to use in its ongoing war against Ukraine,” the US Secretary of State said. .

In the meantime, he reiterated that the United States will continue to coordinate closely with its partners and allies to impose serious consequences on Russia for its military operation against Ukraine.

“We share with our partners and allies unity of purpose, resolve and determination to hold Russia accountable for its aggression, especially those responsible for this war of choice,” Blinken said. (ANI)

(This is an unedited and auto-generated story from syndicated newsfeed, LatestLY staff may not have edited or edited the body of the content)

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Don F. Davis