U.S. Tightens Sanctions on Gazprombank

The United States has imposed new sanctions on Gazprombank, Russia's third-largest bank, to further limit Russia's ability to finance its military operations in Ukraine. This move closes a significant loophole, as Gazprombank was previously spared due to its role in facilitating European payments for Russian gas. The sanctions, affecting over 50 Russian banks and numerous officials, aim to hinder Russia's war efforts by restricting its access to international financial systems. Treasury Secretary Janet Yellen emphasized that these measures will make it more difficult for the Kremlin to evade sanctions and fund its military. The sanctions come as Europe contends with a potential energy crisis due to reduced Russian gas flows, exacerbated by the new sanctions. The U.S. Treasury has issued licenses to allow the winding down of transactions with Gazprombank to mitigate immediate disruptions.