The US has sanctioned Gazprombank, whose activities include ship finance, as the Biden administration ramps up pressure on Russia.
The move against the subsidiary of energy giant Gazprom leaves no major Russian bank unsanctioned by Washington, according to US treasury secretary Janet Yellen.
“Today’s sanctions targeting Russia’s largest remaining non-designated bank, as well as dozens of other financial institutions and officials in Russia, will further diminish and degrade Russia’s war machine,” she said.
“This sweeping action will make it harder for the Kremlin to evade US sanctions and fund and equip its military.
“We will continue to take decisive steps against any financial channels Russia uses to support its illegal and unprovoked war in Ukraine.”
Gazprombank has often been involved in ship finance transactions, according to Russian law firm Denuo.
The bank also provided a credit line for construction of the Zvezda Shipbuilding Complex in Russia’s Far East.
The sanctions against Gazprombank were part of a sweeping blacklisting spree on 21 November that targeted 50 banks, 40 securities registrars and 15 finance officials.
The US also expanded sanctions against two other major Russian banks, Sberbank and VTB, which have activities in ship finance.
The Treasury Department’s Office of Foreign Assets Control targeted officials in Sberbank’s New Delhi branch and VTB’s Shanghai operation.
The administration is ramping up support for Ukraine before President Joe Biden turns over the keys to the White House to Donald Trump in January.
The president-elect has said he will press for a negotiated end to the war in Ukraine.(Copyright)
