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U.S. Sanctions Gazprombank, 118 Entities Amid Ukraine War, Targeting Largest Remaining Bank

Nov 21, 2024, 04:21 PM

The U.S. Department of the Treasury has imposed new sanctions on Gazprombank, one of Russia's largest banks, as part of a broader effort to restrict the Kremlin's financial capabilities amid the ongoing war in Ukraine. This marks a significant escalation in U.S. sanctions, targeting not only Gazprombank but also over 50 other Russian banks, 40 securities registrars, and 15 finance officials. Previously, Gazprombank had avoided severe sanctions due to its role in processing energy payments. The sanctions aim to curtail Russia’s access to the international financial system and diminish its capacity to finance military operations. The announcement comes nearly three years into the conflict, highlighting a shift in U.S. policy towards more stringent economic measures against Russia.