US sanctions target major Russian banks, hit Gazprombank hard

The United States is introducing extensive sanctions on more than 50 financial institutions to undermine Russia's capacity to utilize the global financial system for financing and carrying out its aggressive actions against Ukraine, according to a statement from National Security Advisor Jake Sullivan.

He emphasized that Gazprombank, the largest Russian bank, which had not yet faced U.S. sanctions, is among the institutions affected by these restrictions.

Gazprombank is the third largest bank in Russia. Through it, Moscow settles payments for military equipment and pays soldiers and their families. Although partially sanctioned, it had not yet faced a full blockade and exclusion from the SWIFT system, which had been applied to other banks. This was due to concerns about the impact of sanctions on the continued supply of Russian gas to Europe.

According to a statement from the U.S. Department of the Treasury, over 50 Russian banks with international connections, more than 40 securities registries used by Russia to bypass restrictions, and 15 individuals from the management of Russian state banks were added to the sanctions list.

Additionally, an alert was issued warning companies about the sanction risk associated with using the Russian SPFS payment system, which is intended as an alternative to the international SWIFT system.

The sanctions introduced today are aimed at curbing Russia's exploitation of the global financial system to fund its war in Ukraine. The United States is committed to strengthening Ukraine's position and will continue to take decisive actions, including significantly boosting security aid and rigorously implementing sanctions and other measures to counter Russia's war efforts, according to Sullivan's statement.