Economic world war against Russian aggression

 Fox Business:

Russia's economy gets nailed: What's been done 

Sanctions could cause the Russian economy to contract 20% Q/Q: JPMorgan

...

 In conjunction and cooperation with the European Union, Japan, the U.K., Canada, and others, the United States has effectively frozen financial transactions of Russian central bank assets held by Americans, a senior administration official told reporters during a briefing on Monday. 

The intended effect is to cripple the Russian economy and use up the country's "rainy day fund" as its currency, the ruble, plummets in value, the official said. That rainy day fund was built up to defend against economic consequences when Russia invaded Crimea in 2014.

According to the Treasury Department's Office of Foreign Assets Control (OFAC), this is not a complete and total block of the central bank, as OFAC is authorizing certain transactions with Russia's central bank that are "energy-related." OFAC added that additional authorizations could follow if necessary.

The European Commission, France, Germany, Italy, United Kingdom, Canada, and the United States issued a joint statement on Saturday that "selected" Russian banks would be removed from the SWIFT financial system.

SWIFT provides messaging services to banks in over 200 countries, and is controlled by the central banks of the G-10, including Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, the United Kingdom, the United States, Switzerland, and Sweden.

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On Thursday, the Commerce Department unveiled sweeping export controls from its Bureau of Industry and Security that would severely restrict Russia's access to technologies and other items used by its defense, aerospace and maritime sectors.

Items targeted by the export controls include semiconductors, computers, telecommunications, information security equipment, lasers and sensors. In addition, BIS's rule imposes stringent controls on 49 Russian military end users, which have been added to its entity list. 

The European Union, Japan, Australia, United Kingdom, Canada and New Zealand announced that they would implement "substantially similar restrictions."

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There is more.

In response to these actions, Putin has lashed out more at the Europeans than the other countries involved.  There is really not much he can do about it.  What would be more devastating for the Russian economy would be the blocking of purchases of Russian oil.  Biden's nutty war on climate change has played into the Russian's hand and many of the countries involved in the action rely on Russian oil while Biden has cut US production and instead is buying Russian oil.  It has to be one of the more idiotic decisions of any President.  It is not like Russian and OPEC oil pollute less than US oil.

See, also:

US States Adding to Financial Squeeze on Russian over war

And: 

Multinationals flee Russia, punishing Moscow