U.S. Intensifies Sanctions on Russia's Gazprombank Amid Ukraine Conflict

The U.S. Treasury has imposed new sanctions on Russia's Gazprombank, removing it from the U.S. banking system and freezing its assets. This is part of President Biden's efforts to penalize Moscow for its actions in Ukraine. Additional restrictions target 50 smaller Russian banks to isolate Russia financially.

In a significant escalation of financial sanctions, the U.S. Treasury announced new measures against Russia's Gazprombank. This strategic move effectively removes the bank from the U.S. banking system, blocking trades and freezing assets within the country.

Gazprombank, partially owned by state-controlled gas company Gazprom, has been a target since Russia's February 2022 invasion of Ukraine. The latest sanctions coincide with Ukraine's use of U.S.-supplied missiles for long-range attacks on Russian targets.

Alongside these measures, the Treasury has sanctioned 50 additional Russian institutions, warning foreign banks of potential risks associated with maintaining correspondences with these entities. Treasury Secretary Janet Yellen emphasized the measures aim to disrupt Russia's military funding channels.

(With inputs from agencies.)