Treasury Debt Bars Americans From Dealing With Russian Banks

Written By BlabberBuzz | Wednesday, 02 March 2022 04:45 PM
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Treasury Debt Bars Americans From Dealing With Russian Banks

The Treasury Department declared Monday ​that Americans are prohibited from engaging in any transactions with Russia’s Central Bank while freezing the financial institution’s assets in the U.S., dealing another blow to the Russian economy that has already seen the value of its currency plunge. ​

The latest round of sanctions targeted the Central Bank, Russia’s National Wealth Fund, and Moscow’s Ministry of Finance “to prevent Putin’s regime from raising capital to fund its invasion of Ukraine and other priorities,” the department announced in a statement.

The department further said that it had slapped sanctions on the Russian Direct Investment Fund, whose chief executive officer, Kirill Dmitriev, is a key ally of Russian President Vladimir Putin.

A senior Biden Administration official announced that the sanctions were intended to “disarm” the Central Bank.

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“The way we can do that, for example, is by preventing US, EU, UK persons from selling rubles to the Central Bank of Russia. That means very simply, the Russian Central Bank can’t support the ruble, full stop, and that means our sanctions will have much greater force,” the official stated in a briefing regarding current and future penalties against the Russian government.

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The official continued that Moscow’s currency reserve — worth an estimated $600 billion before the invasion of Ukraine — is “only powerful if Putin can use it, and without being able to buy the ruble from Western financial institutions, for example, Putin’s Central Bank will lose the ability to offset the impact of our sanctions.

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“The ruble will fall even further, inflation will spike, and the Central Bank will be left defenseless​,” the Administration official went on.

Germany, France, the United Kingdom, Italy, Japan, the European Union and others ​are participating in the sanctions against the central bank​, the White House stated. ​​

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The weight of the sanctions already established against other banks, Putin ​personally, Foreign Minister Sergey Lavrov, and individual oligarchs who make up the Russian leader’s inner circle have sent shockwaves through the Russian economy, making prices soar and the ruble tumble.​

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The ruble lost 30 percent against the U.S. dollar early Monday after the U.S. and Western countries blocked some Russian banks from the SWIFT international banking system.

It recovered slightly later in the day.

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According to reports, Russians have been streaming to banks and ATMs to withdraw cash as the sanctions took effect.

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And Moscow’s department of public transport has warned residents that they could have problems using Apple Pay, Google Pay, and Samsung Pay for their fares because of sanctions against Russian bank VTB, which handles payments for the city’s metro, buses, and trams.

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