US Sanctions Gazprombank, 50+ Russian Banks to Curb War Efforts in Ukraine; Ruble Falls

Nov 21, 2024, 04:37 PM

The United States has imposed sanctions on Gazprombank, one of Russia's largest banks, along with over 50 other Russian financial institutions, including 40 securities registrars and 15 finance officials. These measures aim to restrict Russia's access to the international financial system and curtail its war efforts in Ukraine. The sanctions were announced by the U.S. Treasury Department and include a warning about the risks of joining Russia's financial messaging system used to evade sanctions. Gazprombank, previously exempt from severe sanctions due to its role in handling energy payments, was targeted for its involvement in facilitating payments for soldiers and enabling Russia's purchase of military equipment for the war. The U.S. actions are part of a broader effort to weaken Russia's capacity to wage war on Ukraine, with the sanctions package being one of the largest in recent memory. President Biden, as he prepares to leave office, has ramped up economic pressure on Russia. The sanctions target 118 individuals and entities, closing a loophole that had been open for 1,000 days of war in Ukraine. The ruble has continued to decline, now trading over 101 to the dollar.