"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.