"This sweeping action will make it harder for the Kremlin to evade U.S. sanctions and fund and equip its military," Treasury Secretary Yellen said.

Summary

The US has imposed sanctions on Gazprombank, Russia’s last major bank not previously blacklisted, and its six international subsidiaries, effectively cutting it off from global finance.

Previously spared to maintain European gas flows, the bank is now targeted due to its alleged role in financing Russia’s military and supporting the Ukraine war.

Over 50 other Russian banks and 15 officials were also sanctioned, with warnings issued against institutions using Russia’s alternative financial messaging system.

  • palordrolap@fedia.io
    73·
    1 month ago

    “We could have shut them all down immediately but too many rich people might have lost money, and even though that wouldn’t have caused them any appreciable hardship whatsoever, we absolutely had to give them a chance to prepare.”

    • JohnEdwaEnglish
      4·
      1 month ago

      “Too many Europeans might have frozen to death during the winters so we’d rather not, but by now it’s their fault if they haven’t prepaired. Also buy our gas.”

      Up until this point, Washington refrained from sanctions in order to maintain gas flows between Russia and remaining European customers.

      the US has held off to preserve stability in Europe’s gas supply. But trade dynamics have shifted since Moscow’s 2022 invasion of Ukraine — that year, the US shipped more natural gas to Europe than Russia did for the first time.

      • RubberDuck@lemmy.worldEnglish
        1·
        1 month ago

        Side benefit is the countries that did not prepare will now also need to look for alternatives… or maybe pay with goods.