U.S. imposes sanctions on Russian central bank, next step in effort to cripple country's economy

The Treasury Department on Monday halted transactions with Russia's Central Bank and the country's foreign investment fund, a next step in a series of sanctions intended to cripple the Russian economy as leader Vladimir Putin continues his invasion of neighboring Ukraine.

The new penalties essentially cut the Russian central bank from the U.S. dollar and severely limit Putin's ability to soften the impact of previous sanctions, according to The Hill newspaper.

The sanctions are in response to Putin invading Ukraine five days ago, sparking widespread international rebuke.