The US has imposed sanctions on Russia's third-largest bank, Gazprombank, along with its six foreign subsidiaries, in a strategic move aimed at complicating Russia's efforts to bypass existing sanctions. Treasury Secretary Janet Yellen emphasized that these measures will hinder Russia's military pursuits, making it increasingly difficult for Moscow to fund and equip its army. Over 50 Russian banks, 40 securities registrars, and 15 finance officials also face fresh sanctions, intensifying pressures on Russia after President Biden permitted Ukraine greater use of US-supplied long-range missiles.
Additionally, the sanctions restrict involved individuals and entities from accessing any US-based property or financial assets, and bar US entities from engaging in business with them. Canada and the United Kingdom had previously targeted Gazprombank with similar punitive actions. Historically pivotal in processing payments for Russian natural gas sales to Europe, Gazprombank now faces reduced leverage as Europe's dependency on Russian gas imports has plummeted to about 18%. Following significant supply reductions in 2022, Europe is sourcing alternative energy supplies from the US and Qatar.
Ukraine will cease Russian gas flows through its territory by year-end. The EU has set aspirations to eliminate Russian gas imports entirely by 2027. This development follows an earlier announcement by the Pentagon, pledging $275 million in new weaponry to Ukraine, including antipersonnel land mines, as part of an expedited initiative to support Kyiv ahead of President-elect Donald Trump's tenure. (This story was generated by Newser's AI chatbot. Source: the AP)
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