Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
President Aoun: We urge the activation of the monitoring committee, the cessation of hostilities, ongoing Israeli violations, attacks
Lebanese President Joseph Aoun to US Envoy Morgan Ortagus: Southerners must be enabled to return to their homes and rebuild
Syrian sources: The Israeli occupation has begun withdrawing from the areas it infiltrated last night in the Quneitra countryside.
Al Mayadeen's correspondent: Massive bombings in eastern Gaza, the second within half an hour, and its sound was heard from central area.
Russian air defense units destroyed a drone that was heading toward Moscow.
Maduro: Tomorrow, a business meeting will be held bringing together hundreds of entrepreneurs from advanced Russian industries with hundreds of Venezuelan businesspeople.
Maduro: In the face of threats, Trinidad and Tobago agreed to suspend all effects of the energy agreement and everything that had been agreed upon in that regard.
Maduro: It’s time to make a choice, either stand with the warmongers who want death and violence, or stand with life.
Maduro: They want our wealth. This is not about drug trafficking, and they know it.
Maduro: Everyone in the world knows that what the economic elite ruling the United States seeks today is Venezuela’s oil, gas, and gold.

US, Canada ban transactions with Russian central bank

  • By Al Mayadeen Net
  • Source: Agencies
  • 28 Feb 2022 17:49
3 Min Read

The US is taking immediate action on Monday to prohibit American dollar transactions with the Russian central bank and fully block the Russian direct investment fund.

  • x
  • US, Canada ban transactions with Russian central bank
    The US and Canada are banning transactions with the Russian central bank.

The United States and Canada on Monday banned all transactions with Russia's central bank in an unprecedented package of sanctions aimed at the country.

The moves taken by Europe will make it hard for the Russian central bank to use its hard currency reserves to buy rubles, the value of which collapsed against the dollar and euro on the Moscow Stock Exchange.

Transactions to support the ruble, "will no longer be possible and fortress Russia will be exposed," a senior US administration official told reporters.

The ban is meant "to ensure that Russia's invasion of Ukraine will be a strategic failure," said Canadian Finance Minister Chrystia Freeland.

"Canada is firmly on the side of the heroic resistance of the people of Ukraine and we will continue to take further action to ensure President Putin does not succeed," she said in a statement.

Read more: How do Western sanctions on Russia impact the EU economy?

The package of coordinated sanctions will create a "vicious feedback loop," and Moscow "will be forced to deplete their domestic rainy day fund far more quickly, experience a weakening of their currency making funding their war of choice much more expensive," said the US official.

"Inflation is very likely to spike. Purchasing power is likely to plummet. Investment is likely to plummet," the official said.

"Our objective is to make sure that the Russian economy goes backward if President (Vladimir) Putin decided to continue to go forward with an invasion of Ukraine, and we have the tools to continue to do that," the official said.

Related News

Aoun to Ortagus: Southerners must be allowed to return, rebuild

Gold falls over 2% to three-week low on signs of easing US-China trade

Washington also imposed sanctions on the Russian Direct Investment Fund, a state-owned institution that Moscow uses to raise funds overseas.

"This fund and its leadership are symbols of deep-seated Russian corruption and influence-peddling globally," said the official.

Switzerland adopts EU sanctions against Russia: President

Switzerland will adopt all the sanctions already imposed by the EU on Russia over its operation in Ukraine, as well as against President Vladimir Putin, Swiss President Ignazio Cassis said Monday.

"This is a big step for Switzerland," Cassis told a press conference after the neutral Alpine nation had for days hesitated over whether to join the international move to sanction Moscow after it launched the operation in Ukraine. 

After the European Union, last week, slapped Russia with sanctions, Bern initially said that it would only ensure that those penalties could not be circumvented via Switzerland.

But following a government meeting Monday, Switzerland announced it would also impose sanctions.

"Switzerland will implement the sanctions in coordination with the EU," the government said in a statement, adding that these were "primarily goods and financial sanctions."

Moreover, they also included freezing the assets of persons and companies.

Finance Minister Ueli Maurer informed reporters that the holdings of those figuring on Brussels' blacklist, including Putin, Prime Minister Mikhail Mishustin, and Foreign Minister Sergey Lavrov, had been "frozen with immediate effect." 

Justice Minister Karin Keller-Sutter listed five oligarchs - close to the Russian President - who had strong ties to Switzerland, who with immediate effect had been banned from entering the country.

Switzerland had come under increasing pressure to get in line with the EU and US sanctions against Russia.

  • United States
  • Moscow
  • Russia
  • Canada
  • Sanctions on Russia
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

  • Technology
  • 24 Oct 2025
Arab League chief exposes secret US deal shielding 'Israel’s' nukes

Arab League chief exposes secret US deal shielding 'Israel’s' nukes

  • Politics
  • 27 Oct 2025
Abu Hamza, the spokesperson for the Al-Quds Brigades, during a speech televised on October 22, 2025 (Al-Quds Brigades Military Media)

Al-Quds Brigades' Abu Hamza mourns leaders, vows continued resistance

  • Politics
  • 22 Oct 2025
US missionary kidnapped in Niger capital, suspected taken toward Mali

US missionary kidnapped in Niger capital, suspected taken toward Mali

  • Africa
  • 23 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Delta Air Lines flight lands at Harry Reid International Airport, Wednesday, April 9, 2025, in Las Vegas (AP)
Politics

Nearly 3,800 US flights disrupted amid ongoing government shutdown

FILE - The Amazon logo is pictured at the Amazon Robotic Sorting Fulfillment Center in Madison County, Miss., Aug. 11, 2022. (AP Photo/Rogelio V. Solis, File)
Economy

Amazon to cut 30,000 jobs in largest layoff in company history

Eurofighter Typhoon Spain's Air Force fighter jets fly above the military parade marking 'Día de la Hispanidad', or Hispanic Day, in Madrid, Spain, Sunday, Oct. 12, 2025. (AP)
Politics

UK sells 20 Eurofighter jets to Türkiye in £8bln defense agreement

Smoke billows after drone strikes by the paramilitary Rapid Support Forces (RSF) targeted the northern port in the Red Sea city of Port Sudan, Sudan, May 6, 2025 (AP)
Politics

RSF tighten El Fasher siege as Sudan risks fragmentation: Reuters

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS