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U.S., European Allies Freeze ‘Putin’s War Chest’

Meanwhile, Russia careens toward economic crisis

The U.S. government and its European allies put into effect on Monday sweeping new penalties aimed at crippling Russia’s economy, as the West escalates its financial war against the Kremlin over the invasion of Ukraine.

Russia’s economy was already showing signs of severe distress before the new measures were implemented, with crowds of Russians rushing to withdraw cash from ATMs and the value of the nation’s currency plunging dramatically.

Overnight, European leaders imposed new measures that effectively cut Russia off from its financial reserves. The U.S. Treasury Department followed suit with similar steps Monday morning. Under the new regime, all people in the United States and European Union are banned from trading with Russia’s central bank. The sanctions also apply to Russia’s Finance Ministry and its sovereign wealth fund, to prevent the Kremlin from using loopholes to continue to access the reserves.

Please select this link to read the complete article from The Washington Post.

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