U.S. Sanctions Gazprombank, Escalating Pressure on Russia's War Effort
The sanctions target Russia's largest remaining non-designated bank and over 50 financial institutions to disrupt military funding and international financial ties.
- The U.S. imposed sanctions on Gazprombank and six of its foreign subsidiaries, cutting off Russia's third-largest bank from the U.S. financial system.
- More than 50 Russian banks, 40 securities registrars, and 15 financial officials were also sanctioned to restrict Russia's access to international financial systems.
- The sanctions aim to block Russia's ability to fund its military operations in Ukraine, including purchasing equipment and paying soldiers and families of war casualties.
- The U.S. Treasury issued warnings to foreign institutions about risks of engaging with Russia's alternative financial messaging system, SPFS, used to evade sanctions.
- The measures come as Europe reduces dependency on Russian gas, with the EU targeting a full phase-out of Russian imports by 2027.
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