US Sanctions Strike Gazprombank Amid Escalating Russia-Ukraine Tensions

The US imposed sanctions on Russia's Gazprombank and six foreign subsidiaries to weaken Russia's military efforts, part of a broader strategy to support Ukraine. The US also pledged new weaponry for Ukraine, as the EU seeks to reduce reliance on Russian gas imports by 2027.

The United States has dealt a substantial financial blow to Russia by imposing sanctions on Gazprombank, ranked as the nation's third-largest bank, along with six of its foreign subsidiaries. These measures are part of an effort to tighten the economic grip on Russia following their ongoing war efforts in Ukraine, which began in February 2022.

According to Treasury Secretary Janet Yellen, the move will hinder Moscow's ability to fund its military operations by limiting access to assets held in the US. Additionally, the sanctions target over 50 Russian banks and other financial entities, aiming to cut off Russia's financial routes completely.

Amidst rising tensions, President Joe Biden sanctioned the use of US-supplied missiles by Ukraine to counter Russian advances more aggressively. The efforts are further bolstered by authorizing a significant supply of US weaponry to Kyiv as part of reinforcing Ukraine's military stance against Russian forces before a change in US administration.

(With inputs from agencies.)