The United States imposed sanctions Thursday on Gazprombank and dozens of other Russian financial institutions in its most aggressive move yet to disrupt Moscow’s ability to fund its military operations in Ukraine.
Treasury Secretary Janet Yellen announced the sweeping measures targeting more than 50 internationally connected Russian banks, including Gazprombank, which had been the largest Russian bank to avoid U.S. sanctions until now. “This sweeping action will make it harder for the Kremlin to evade U.S. sanctions and fund and equip its military,” Yellen said in a statement.
The Treasury Department accused Gazprombank of playing a crucial role in Russia’s military financing, facilitating combat bonus payments to soldiers and enabling purchases of military equipment for the Ukraine war. The sanctions package also encompasses over 40 Russian securities registrars and 15 finance officials.
The move aligns U.S. policy with several allies, as Gazprombank had previously faced sanctions from Australia, Canada, New Zealand, and the United Kingdom. The Treasury Department said it would issue licenses allowing U.S. entities to wind down their transactions with the bank in an orderly manner.
