US Imposes Sanctions on Gazprombank and Subsidiaries

The U.S. has imposed significant sanctions on Gazprombank, Russia's largest remaining non-sanctioned bank, to hinder its ability to fund military operations amid the ongoing conflict in Ukraine. Treasury Secretary Janet Yellen stated that the sanctions are aimed at diminishing Russia's war efforts and making it difficult for the Kremlin to evade existing U.S. restrictions. Along with Gazprombank, over 50 other Russian banks, 40 securities registrars, and 15 finance officials were also sanctioned. The sanctions will deny access to U.S. financial assets and restrict business engagements with these entities. Additionally, the Biden administration has authorized Ukraine to use U.S.-supplied missiles for deeper strikes into Russian territory, responding to the evolving military situation as North Korean troops bolster Russia's forces. The U.S. continues to reinforce its support for Ukraine while targeting the financial mechanisms that sustain Russia's military actions.