MOSCOW (dpa-AFX) - The United States has imposed sanctions on 118 individuals and entities that operate in Russia's financial services sector and support the Kremlin's war against Ukraine.
These targets include more than 50 Russian banks still maintaining ties to the international financial system, more than 40 Russian securities registrars, and 15 Russian banking officials.
ThE latest round of U.S. punitive actions also target Gazprombank, which is Russia's largest remaining bank not previously blocked by the United States.
The U.S. Department of the Treasury said its Office of Foreign Assets Control took another major step in implementing commitments made by G7 leaders to curtail Russia's use of the international financial system to further its war against Ukraine.
OFAC is also issuing an alert describing the sanctions risk for foreign financial institutions that join Russia's System for Transfer of Financial Messages.
'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. This sweeping action will make it harder for the Kremlin to evade U.S. sanctions and fund and equip its military,' said Secretary of the Treasury Janet L. Yellen. 'We will continue to take decisive steps against any financial channels Russia uses to support its illegal and unprovoked war in Ukraine.'
OFAC is designating Gazprombank Joint Stock Company alongside its six foreign subsidiaries. Gazprombank is a conduit for Russia to purchase military materiel for its war effort. The Russian government also uses Gazprombank to pay its soldiers, including for combat bonuses, and to compensate the families of Russian soldiers killed in the war. Australia, Canada, New Zealand, and the United Kingdom have previously sanctioned Gazprombank.
Luxembourg-based bank GPB International SA, Hong Kong-based GPB Financial Services Hong Kong Limited, Cyprus-based GPB Financial Services Limited and GPB-DI Holdings Limited, Switzerland-based Gazprombank (Switzerland) Ltd, and South Africa-based GPB Africa and Middle East Pty Ltd are wholly owned subsidiaries of Gazprombank that were subjected to U.S. sanctions.
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