The Russian Direct Investment Fund, which is run by a close ally of President Vladimir V. Putin, will be subject to sanctions by the Treasury Department after it moved to further cut off Russia from the global economy.
The sanctions the United States and European allies have enacted against Russia are meant to curb its ability to use its war chest of international reserves.
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.
Americans are not allowed to participate in any transactions involving the Russian Central Bank, Russia's National Wealth Fund or the Russian Ministry of Finance because of the sanctions.
The Treasury Department said it was making an exemption to ensure that transactions related to Russia's energy exports can continue. It is issuing a general license to authorize certain transactions with the Russian Central Bank.
On Saturday, the European Commission, Britain, Canada, France, Germany, Italy and the United States said they would remove some Russian banks from the SWIFT financial messaging system.
Russia has spent the last several years bolstering its defenses against sanctions, amassing $643 billion in foreign currency reserves in part by redirecting its oil and gas revenues. The country's ability to support its currency in the face of new sanctions on its financial sector has been undermined by new restrictions by the United States and its allies.
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