U.S. Bans Russia's Central Bank From Accessing Reserves In U.S.

The United States continues to add new sanctions on Russia in an effort to prevent the country from doing business in the United States amid the invasion of Ukraine.

The latest sanction freezes the U.S. assets of the Russian central bank and prevents Americans from doing any business with it. The restrictions also apply to the National Wealth Fund of the Russian Federation and the Ministry of Finance of the Russian Federation. In addition, Russian Direct Investment Fund Chief Executive Officer Kirill Dmitriev, who is a "known Putin ally," to list of people under economic sanctions.

The move will prevent Moscow from accessing more than $600 billion in reserves in the United States or in U.S. dollars in foreign countries.

"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," Secretary of the Treasury Janet 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."

Fighting continues throughout Ukraine as delegations from Ukraine and Russia are meeting near the border to discuss a cease-fire.