U.S. Sanctions Tighten Grip on Russia's Gazprombank

The U.S. has imposed new sanctions on Gazprombank, expelling it from the American banking system and freezing its assets. This move is part of President Biden's strategy to elevate pressure on Russia for its invasion of Ukraine. Also affected are smaller Russian banks, aimed at severing Russia’s financial ties globally.

The Biden administration has escalated its measures against Moscow by imposing new sanctions on Russia's Gazprombank. Announced by the U.S. Treasury Department on Thursday, these sanctions bar the bank from the U.S. banking system, stop its trade with Americans, and freeze its assets in America, marking a major step in pressuring Russia over its ongoing conflict with Ukraine.

The latest move also includes sanctions on 50 small-to-medium Russian banks, aimed at disrupting Russia's ties to the global financial network and hindering its ability to finance the war. Secretary of the Treasury Janet Yellen emphasized that the actions aim to curb Russian military funding sources.

With these sanctions, the U.S. seeks to augment Ukraine's battlefield advantage. Despite the change in administration, it's uncertain whether incoming President-elect Donald Trump will maintain these sanctions, given the geopolitical complexities involving U.S.-Russia relations.

(With inputs from agencies.)