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The US sanctions the Russian bank, Gazprombank

Politiko 2024-11-22 09:31:24

The US sanctions the Russian bank, Gazprombank

The United States has sanctioned Gazprombank, Russia's third-largest bank, and dozens of other financial institutions, as US President Joe Biden seeks to further damage the Kremlin's ability to finance its war in Ukraine. before leaving the White House in two months.

Gazprombank, which plays a major role in facilitating Russian energy exports, was the only major Russian bank to remain unaffected by US sanctions so far. Washington and Brussels had avoided sanctioning Gazprombank, after concerns that there could be obstacles in energy exports.

In addition to Gazprombank, the US also announced that it has sanctioned over 50 other Russian banks with international operations and over 40 Russian securities registrars and 15 Russian financial officials.

Washington also warned financial institutions against joining Russia's version of the international messaging system for banks, known by its acronym SWIFT. Russia is aiming to attract international banks to join its messaging platform in order to avoid financial sanctions imposed by the US.

"Today's actions reaffirm the U.S. commitment to limiting Russia's ability to use the international financial system to wage its war against Ukraine and to thwart Russia's efforts to make cross-border payments for dual-use goods and materials." military," US State Department spokesman Matthew Miller said in a statement on November 21.

Ukraine supporters have for months called on the Biden administration to toughen sanctions on Russia's banking sector, saying the Kremlin is finding ways to avoid current sanctions and paying for imports of technology and other dual-use goods. .

In addition to facilitating payments for energy, Gazprombank also acts as a conduit for the purchase of military goods. The Kremlin also uses Gazprombank to pay Russian soldiers and compensate the families of slain soldiers.

"I am grateful to President Biden and his administration for the strong package of financial and banking sanctions announced today targeting Russia's economy and war money," Ukrainian President Volodymyr Zelensky wrote on X.

Biden will end his term on January 20, when the president-elect, Donald Trump, will return to the White House. He has promised to end the war in Ukraine, bringing Zelensky and Russian President Vladimir Putin to the negotiating table.

The US financial sanctions come at a critical time for Russia's economy, as Putin's record war spending has driven up inflation and interest rates. Russia's central bank last month raised interest rates to 21 percent, the highest rate in decades, and may raise rates further, as there are no signs that the fight is over./ REL

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