The U.S. Treasury Department announced Thursday a new set of sanctions targeting Russia’s financial sector and its ability to fund its war with Ukraine, hitting Gazprombank as well as many other internationally connected financial institutions, entities and individuals.
In a statement posted to its website, the Treasury Department’s Office of Foreign Assets Control said the sanctions designate Gazprombank — Russia’s largest remaining unsanctioned bank — plus more than 50 other Russian banks, more than 40 Russian securities registrars and 15 Russian finance officials.
The Treasury department said Gazprombank is a conduit for Russia to purchase military equipment for its war against Ukraine and the Russian government also uses the bank to pay its soldiers.
Australia, Canada, New Zealand and Britain have previously sanctioned Gazprombank.
The sanctions mean that all property and interests of the institutions, entities or individuals targeted by the sanctions are blocked.
In the statement, U.S. Treasury Secretary said the sanctions “will further diminish and degrade Russia’s war machine. This sweeping action will make it harder for the Kremlin to evade U.S. sanctions and fund and equip its military.”
In a statement posted to the White House website, U.S. national security adviser Jake Sullivan said the new sanctions are part of a pledge made by President Joe Biden in September to provide additional assistance and actions to “help Ukraine as it continues to resist Russia’s aggression.”
The Biden administration is expected to step up assistance to Ukraine before the president leaves office. President-elect Donald Trump and leading Republicans have suggested they will reduce funding for Ukraine once Trump takes office on January 20.
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