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US Treasury targets Russian bank Gazprombank with new sanctions

Pabio November 22, 2024

The United States imposed new sanctions on Russian bank Gazprombank on Thursday, the Treasury Department announced, using its most powerful sanctions tool against the bank as US president. Joe Biden steps up actions to punish Moscow for its invasion of Ukraine before leaving office in January.

The move effectively excludes Gazprombank – one of the largest Russian banks – from the US banking system, bans its trade with Americans and freezes its US assets.

Gazprombank is partly owned by the Kremlin-owned gas company Gazprom. From The invasion of Russia in February 2022, Ukraine urged the WE to impose more sanctions on the bank that receives payments for natural gas from Gazprom customers in Europe.

The new sanctions come days after the Biden administration authorized kyiv to use US ATACMS missiles to strike Russian territory. Tuesday, Ukraine fired weaponsthe longer-range missiles provided by Washington for such attacks against Russia, on the 1,000th day of the war.

The Treasury also imposed sanctions on 50 small and medium-sized Russian banks to restrict the country’s ties to the international financial system and prevent it from abusing it to pay for technology and equipment needed for war.