US Sanctions Gazprombank, Over 50 Russian Banks, Including MB Bank, to Curtail War Funding

Nov 21, 2024, 04:06 PM

The U.S. Department of Treasury has imposed new sanctions on Russia's Gazprombank, a major financial institution, along with over 50 other Russian banks, more than 40 securities registrars, and 15 finance officials. These measures aim to curtail Russia's access to the international financial system and its capacity to fund the ongoing war in Ukraine. The sanctions also target MB Bank, a Russia-based subsidiary of Iran's Bank Melli, and warn about the risks associated with joining Russia's financial messaging system used to evade sanctions. The move comes as part of a broader economic campaign against Russia as President Biden prepares to leave office.