US applies more sanctions against Russian banks and companies in response to new attacks on Ukraine
Russian state-owned bank Gazprombank and several of its subsidiaries are the target of new Treasury Department sanctions issued following the use of a new missile against Ukraine.
Janet Yellen, secretary of the Treasury
The Treasury Department on Thursday announced new sanctions against Russia after the Kremlin approved the launch of a ballistic missile over Ukraine of capabilities not deployed so far in the conflict.
According to the Treasury's release, the sanctions affect Russia's state-owned bank Gazprombank and more than 50 Russian others with international connections, in addition to more than 40 Russian securities registrars and 15 Russian finance officials.
"The sanctions imposed today on the largest undesignated Russian bank, as well as dozens of other Russian financial institutions and officials, will further reduce and degrade Russia's war machine," the Treasury Department outlined in its statement.
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"This broad action will make it more difficult for the Kremlin to avoid U.S. sanctions and to fund and equip its armed forces. ... We will continue to take decisive action against any financial channels Russia uses to support its illegal and unprovoked war in Ukraine," it concluded.
Janet Yellen's Department also issued an alert outlining sanctions risks related to Russia's Financial Message Transfer System (FTS), which the Kremlin created and uses to circumvent sanctions.
Not all entities subject to this new sanction are based in Russia. Luxembourg-based 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.
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