The Russian financial system has once again, been hit with additional sanctions by the United States, a few hours after the Russian currency the Ruble, went down 30% against the dollar and the Euro.
In a statement on Monday, the U.S said that in coordination with allies and partners, they are further measures against the Russian financial system in response to Russia’s continuing premeditated war against Ukraine.
In an official statement released on Monday 28th February 2022, by the United States Government, the Secretary of State states that:
“Unwavering in our support for Ukraine’s sovereignty and territorial integrity, we will continue to act with our allies and partners in imposing costs on Russia if it continues its war of choice,” he statement said.
Also, the U.S government stated further that the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has prohibited any U.S. person from conducting 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.
In addition, OFAC imposed blocking sanctions on the Russian Direct Investment Fund, a known slush fund for President Putin and his inner circle, two of its subsidiaries, and CEO Kirill Dmitriev.
“We took today’s actions to impair Russia’s ability to use its international reserves in ways that undermine the impact of our sanctions, as well as to prevent Russia from accessing its wealth fund for use in its ongoing war against Ukraine.
The United States will continue to coordinate closely with our partners and allies to impose severe consequences on Russia for its war against Ukraine. We share with our partners and allies unity of purpose, resolve, and determination to hold Russia to account for its aggression, particularly those responsible for this war of choice,” the statement from the U.S Secretary of state stated.
The latest from the United states against the Russian financial system comes a few hours after the Russian ruble plunged nearly 30% against the dollar on Monday after international powers imposed new, tougher sanctions on Moscow over its invasion of Ukraine, AFP reports.
According to the report, the Russian ruble collapsed against the dollar and the euro on the Moscow Stock Exchange on Monday morning, and trading stopped as prices almost instantly reached the limits set.
You had to provide 90 rubles to get a dollar on Monday morning, against 83.5 at the last official rate on Wednesday, before the invasion of Ukraine. Against the euro, the exchange rate fell from 93.5 to 101.19 rubles.
Even before the opening of trading, the ruble was listed down 27% to 114.33 rubles per dollar in international trade this morning, according to Bloomberg.