The new sanctions effectively prohibit Americans from doing any business with Russia’s central bank as well as freezes its assets within the United States.
Highlights
- The Biden administration announced additional sanctions against Russia’s central bank on Monday.
- The move prohibits Americans from doing any business with the bank as well as freezes its assets within the U.S.
- The new sanctions will also target the National Wealth Fund of the Russian Federation and the Ministry of Finance.
- The Russian ruble fell as low as 111 on Monday to the dollar from 83 on Friday, a drop of more than 20%.
- The Bank of Russia stepped in to stanch the ruble’s swoon by more than doubling the country’s benchmark interest rate to 20% from 9.5% The move comes after the West and its allies imposed severe sanctions on Russia in recent weeks.