US Treasury Prohibits Transactions With Russia's Central Bank

The Office of Foreign Assets Control (OFAC) has also sanctioned the Russian Direct Investment Fund.

AccessTimeIconFeb 28, 2022 at 12:51 p.m. UTC
Updated May 11, 2023 at 4:29 p.m. UTC

The U.S. Treasury has prohibited transactions with the Central Bank of Russia and imposed sanctions on a key Russian sovereign wealth fund.

  • American entities and citizens are prohibited from engaging in transactions with the Central Bank of Russia, the National Wealth Fund of the Russian Federation and the Ministry of Finance of the Russian Federation, the Treasury's OFAC announced Monday.
  • Furthermore, the OFAC has sanctioned the Russian Direct Investment Fund (RDIF), which has exposure to the U.S. financial system, and its CEO Kirill Dmitriev, "a known Putin ally."
  • "Russian President Vladimir Putin and his inner circle of cronies have long relied on RDIF and Dmitriev to raise funds abroad, including in the United States," according to the statement.
  • The announcement is the latest of a wave of economic sanctions imposed on Russia following its invasion of Ukraine last week. The moves helped send the ruble tumbling 40% earlier today, forcing the Russian central bank to try and defend the currency by hiking its benchmark interest rate to 20% from 9.5%.
  • There have also been calls for crypto exchanges to block addresses of Russian users, but the exchanges – notably Binance and Kraken – have pointedly declined to do so.
  • Talks are underway between Russia and Ukraine in Belarus with the aim of bringing an end to the hostilities.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.