The U.S. Department of State announced Feb. 28 it would be taking further measures against the Russian economy in response to Russia's premeditated war against Ukraine.
In a Feb. 28 news release, the Department of State revealed the U.S. Department of the Treasury's Office of Foreign Assets Control has barred any U.S. citizen from conducting business of any sort with the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation or the Ministry of Finance of the Russian Federation.
Additionally, the OFAC has imposed sanctions on the Russian Direct Investment Fund, which is known for funding Russian President Vladimir Putin and his inner circle.
"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," said the Department of State.
OFAC's actions are intended to prevent Russia from accruing funds to use as part of its war effort.
As a result of worldwide sanctions and other penalties, including barring Russia from SWIFT, the Society for Worldwide Interbank Financial Telecommunication, the Russian ruble has reportedly dropped to being valued at nearly 84 rubles to the U.S. dollar.
