US Adds Gazprombank and Other Russian Financial Institutions to Sanctions List

Foreks - U.S. President Joe Biden imposed sanctions on Gazprombank, Russia's third-largest credit institution, along with dozens of other financial entities, as he seeks to further diminish the Kremlin's ability to finance its war in Ukraine before leaving office in two months.

Gazprombank, which plays a significant role in facilitating Russia’s energy exports, was the only major Russian credit institution not under U.S. sanctions. Washington and Brussels had previously refrained from sanctioning Gazprombank due to concerns over potential disruptions to energy exports.

In addition to Gazprombank, the U.S. announced it would sanction over 50 Russian banks operating internationally, more than 40 Russian securities registry officials, and 15 Russian financial officials. The U.S. also warned financial institutions against joining the Russian version of the international messaging system known as SWIFT. Russia has been attempting to entice international banks to its messaging platform to circumvent U.S. financial sanctions. State Department spokesperson Matthew Miller stated on November 21, "Today's action reaffirms the U.S. commitment to limiting Russia's ability to use the international financial system to conduct its war against Ukraine and disrupts Russia's attempts to make cross-border payments for dual-use goods and military equipment."