Russia's central bank will be prohibited from undertaking transactions in dollars under a new concerted effort by the United States and its allies, a move that is set to accelerate Russia's economic tailspin. Why it matters: The measures will severely limit the Russian government's ability to use its $630 billion in reserves to prop up the value of the ruble or fund its war effort in Ukraine. • This represents a serious escalation of the West's financial warfare against Russia in retaliation for its invasion of Ukraine and compromises Russian President Vladimir Putin's ability to sustain the war. The move ensures ... (full story)