On 24 February, the US took action to respond to Russia’s further invasion of Ukraine by imposing economic costs that are expected to have both immediate and long-term effects on the Russian economy, financial system and access to new technology.
The US Department of Treasury’s Office of Foreign Assets Control (OFAC), in partnership with allies and partners, imposed expansive economic measures that target the core infrastructure of the Russian financial system — including all of the country’s largest financial institutions and the ability of state-owned and private entities to raise capital.