Russia's third-largest bank, Gazprombank, and its six foreign subsidiaries have come under US sanctions, the Associated Press reported, as of it adds that this is a move aimed at limiting Russia's ability to evade the thousands of sanctions imposed on it since the invasion of Ukraine began in February 2022.
Treasury Secretary Janet Yellen said sanctions targeting Russia's largest remaining unsanctioned bank would further reduce Russia's military effort and "make it more difficult for the Kremlin to evade US sanctions and finance and equips his army.
In addition, more than 50 internationally affiliated Russian banks, 40 Russian securities depositories and 15 Russian financial officials were affected by sanctions.
The move comes after President Joe Biden this weekend authorized Ukraine to use US-supplied missiles to strike deeper into Russia, easing restrictions on longer-range weapons as Russia deploys thousands of North Korean soldiers to reinforce his advance.
This move effectively cuts off access to the US banking system and freezes its assets in the US, reports Reuters. Gazprombank is partially owned by the Kremlin-owned gas company Gazprom.
After Russia invaded in February 2022. Ukraine is demanding that the US impose more sanctions on the bank that receives payments for natural gas from Gazprom customers in Europe.