US effectively freezes Russian central bank assets held by Americans

The U.S. said it is blocking financial transactions of Russian central bank assets, effectively freezing any of those assets held by Americans.

The freeze is effective immediately, a senior administration official said in a briefing for reporters on Monday. The official said that the U.S.'s actions are in conjunction and cooperation with the European Union, Japan, the UK, Canada, and others. This means that not only will Russia not be able to access funds in U.S. dollars, they will be unable to use dollars in the other countries turn to other banks and other currencies.

By making the move effective immediately, before markets open, the official said, Russia will be unable to move assets to avoid or mitigate the consequences.

"Our strategy," the official said, "is to make sure that the Russian economy goes backward as long as President Putin decides to go forward with his campaign."