The US is an independent financial institution with the powers to regulate and impose sanctions on foreign entities.
However, the US has been criticized for being too slow in regulating and imposing sanctions on Russian entities.
This article examines the role of the US Federal Reserve Bank in the Russian financial crisis, the role the US and the European Union play in regulating the financial system and the role that the US holds in global finance.
The article also looks at the role played by US banks in Europe and the US in global financial markets.
It concludes with the conclusion that the role and importance of the Fed have shifted significantly over the past decade.