Biden's Final Sanctions Strike on Russia's Gazprombank

The United States has imposed stringent sanctions on Russia's Gazprombank to further isolate it from the U.S. banking system. This move is part of President Biden's strategy to penalize Moscow for its continuous aggression towards Ukraine. The sanctions block Gazprombank from American trade and freeze its assets.

The U.S. has unleashed a new set of sanctions against Russia's financial giant, Gazprombank, the Treasury Department announced Thursday. This decisive action spearheaded by President Joe Biden aims to further degrade Russia's financial capabilities amid its ongoing assault on Ukraine. The pivotal move ousts Gazprombank from the U.S. financial domain entirely.

Gazprombank, a crucial player in Russia's energy-led economy, has been the focal point of international scrutiny since Russia's incursion into Ukraine in February 2022. These newly imposed sanctions on Gazprombank sever its ties with U.S. businesses and immobilize its American assets, following Ukraine's repeated pleas for a firmer U.S. stance.

In addition to Gazprombank, the Treasury imposed restrictions on 50 other Russian banks to disrupt the Kremlin's financial networks. This comprehensive sanctioning underscores the U.S. commitment to hamstring Russia's fiscal avenues for militarization. Treasury Secretary Janet Yellen emphasized that these measures are crucial to obstructing the Kremlin's war financing efforts.

(With inputs from agencies.)