U.S. Sanctions Previously Exempt Gazprombank and Over 50 Russian Financial Institutions to Curb War Financing

Nov 21, 2024, 04:26 PM

The United States has imposed new sanctions on Russia's Gazprombank and over 50 other Russian financial institutions, including MB Bank, the Russia-based subsidiary of Iran's Bank Melli, in response to Russia's ongoing war in Ukraine. Announced on Thursday by the U.S. Treasury Department, the measures aim to limit Russia's access to the international financial system and reduce its ability to finance its military efforts. Gazprombank, one of Russia's largest banks and previously exempt from severe sanctions due to its role in facilitating energy payments, has been targeted along with over 40 securities registrars and 15 Russian finance officials. According to the U.S., Gazprombank has been used to purchase military equipment, pay soldiers, and compensate families of those killed in action. Ukrainian President Volodymyr Zelenskyy expressed gratitude to President Joe Biden and his administration for the sanctions, stating that they help weaken tyranny and strengthen global security. The actions reaffirm the U.S. commitment to curtail Russia's use of the international financial system to conduct its war against Ukraine.