US Targets Gazprombank and Russian Financial Officials with New Sanctions

The US Department of the Treasury has imposed sanctions on dozens of Russian banks, including Gazprombank, securities registrars, and financial sector officials, in an effort to restrict Russia’s access to the international financial system.

This was announced on the Russian ministry’s website.

The new sanctions package targets Gazprombank, over 50 international Russian banks, more than 40 Russian securities registrars, and 15 officials.

The US Treasury Department believes these measures will make it more difficult for the Kremlin to evade sanctions and finance its military efforts.

Gazprombank is one of the largest financial institutions in Russia, primarily owned by the state-run energy giant Gazprom. It serves as a channel for Russia’s procurement of military equipment for its war against Ukraine, processes payments to Russian military personnel, and has also facilitated payments for Russian gas exports.

Earlier, Australia, Canada, New Zealand, and the United Kingdom had already imposed sanctions on Gazprombank.

The latest sanctions also affect the first deputy heads of Russia's Central Bank, Vladimir Chistyukhin and Dmitry Tulin, as well as Alla Bakina, the head of the Central Bank’s national payment system department, and Yelizaveta Danilova, the head of the financial system stability department.