The Ministry of Finance is tightening sanctions, freezing assets related to the Central Bank of Russia

The Treasury Department on Monday banned anyone in the U.S. from engaging in transactions with them RussiaRussia’s central bank needs to “effectively immobilize” certain assets while Moscow tries to pull leverage that would blunt the damage of sanctions to its economy.

President Biden also instructed the Treasury to impose sanctions on Russia’s sovereign wealth fund Russian Direct Investment Fund (RFIF)led by a close ally of President Vladimir Putin.

These steps come in addition to previous sanctions that have befallen Russia for invading Ukraine, disrupting financial systems in Moscow in early Monday.

U.S. officials have said they want to make it impossible for Mr Putin to find ways to tap into international reserves and soften the blow. For years, Mr Putin has developed a “fortress” economy in anticipation of Western punishment.

“The unprecedented actions we are taking today will be significantly limiting RussiaThe country’s ability to use its assets to finance its destabilizing activities and direct the funds on which Putin and his inner circle depend to enable him to invade Ukraine, ”said Finance Minister Janet Yellen. “Today, in coordination with partners and allies, we are fulfilling key commitments to limit Russiaaccess to these valuable resources. ”

However, the Ministry of Finance said it would authorize a general license for some energy-related operations. RussiaBank of Russia, as some western markets depend on supply from Russia.

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