Treasury Department sanctions Central Bank of Russia, others

Feb. 28 (UPI) -- The Treasury Department sanctioned Russia's Central Bank on Monday along with its Direct Investment Fund, cutting off the institution from the U.S. dollar.

U.S. residents and businesses also cannot make any financial transactions on behalf of the Central Bank of Russia Federation, the National Wealth Fund of the Russian Federation or the Ministry of Finance of the Russian Federation.

"The unprecedented action we are taking today will significantly limit Russia's ability to use assets to finance its destabilizing activities and target the funds Putin and his inner circle depend on to enable his invasion of Ukraine," Treasury Secretary Janet L. Yellen said in a statement.

"Today, in coordination with partners and allies, we are following through on key commitments to restrict Russia's access to these valuable resources."

The Treasury Department also sanctioned Kirill Aleksandrovich Dmitriev, the CEO of the Russian Direct Investment Fund, calling him a close ally to Putin.

"Dmitriev is an alumnus of American universities and has links to American consulting and financial services firms," the Treasury Department said.

"He has leveraged his ties to universities and organizations in the United States to serve as a representative for the Russian president to American institutions, thereby providing access to key economic opportunities in the United States.

The Limited Liability Company RVC Management Company, a subsidiary of investment fund, was also targeted with sanctions.

The department said it operates in deposit banking, management of investment funds, unit investment trusts, insurance and private pension funds.