Although the Treasury has said it will make an exception to ensure that transactions related to Russian energy exports continue, these measures indicate a significant increase in US sanctions. Issuance of “public license” to allow certain energy-related transactions with the Central Bank of Russia.

The European Commission, Britain, Canada, France, Germany, Italy and the United States, said on Saturday that they would remove several Russian banks from the SWIFT financial news agency and effectively block international transactions. Prevents Russia from using their huge international reserves to avoid sanctions on the central bank.

Russia has strengthened its defenses against sanctions over the past few years and has amassed $ 643 billion in foreign exchange reserves by shifting oil and gas revenues. The new restrictions imposed by the US and its allies on the sale of the ruble to Russia are designed to undermine the country’s ability to block its currency in the face of new sanctions against its financial sector.