Biden Intensifies Sanctions on Gazprombank Amidst Russian Invasion

The U.S. has imposed new sanctions on Russia’s Gazprombank, significantly impacting its energy transactions with the American financial system. This comes as part of Biden's strategy to punish Russia for its ongoing invasion of Ukraine, alongside sanctions on 50 smaller Russian banks and military-related measures.

The United States on Thursday imposed fresh sanctions against Russia's Gazprombank. The move was confirmed by the Treasury Department, marking an escalated effort by President Joe Biden to penalize Moscow for its invasion of Ukraine, ahead of his departure from office in January.

Gazprombank, closely connected to Kremlin-controlled Gazprom, faced increasing pressure from Ukraine to be penalized since the conflict's inception in February 2022. These sanctions follow the Biden administration's approval for Kyiv's use of U.S. ATACMS missiles, coinciding with the conflict's 1,000th day.

Comprehensive measures also targeted 50 smaller Russian banks to disrupt Russia's international financial ties and military funding capabilities. Treasury Secretary Janet Yellen stated these actions are aimed at destabilizing Kremlin's war efforts, signaling continued U.S. resolve against Russia's military pursuits in Ukraine.

(With inputs from agencies.)