On November 21, the U.S. Treasury Department expanded sanctions against Russia, targeting more than 50 Russian banks, over 40 Russian securities registrars, and 15 individuals connected to the financial sector, according to a press release from the department.
Gazprombank and six of its foreign subsidiaries were among the entities sanctioned. The Treasury stated that Russia uses the bank to procure military equipment for its war in Ukraine and to process payments for Russian military personnel. It also noted that the United Kingdom, Australia, Canada, and New Zealand had already imposed sanctions on Gazprombank.
At the same time, the Treasury authorized U.S. citizens to conduct transactions involving Gazprombank, provided they are connected to the operations of Russian diplomatic and consular missions abroad, RIA Novosti reported.
Gazprombank has been under U.S. and E.U. sectoral sanctions since the summer of 2014, which prohibit the bank from accessing long-term financing. Since the spring of 2022, its executives have also been barred from entering the United States.
