US introduces financial sanctions on Russia

In response to Russia’s military operations in Ukraine, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) is also engaged in the application of sanctions on financial services. OFAC prohibited US persons from engaging in transactions with the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, and the Ministry of Finance of the Russian Federation (Directive 4 under Executive Order 14024). According to the Specially Designated Nationals List Update, OFAC also sanctioned the Russian Direct Investment Fund (RDIF) and its Chief Executive Officer (CEO), Kirill Dmitriev, considered a key ally of the Russian government.