The US Treasury Department announced sanctions against Gazprombank along with 6 of its foreign subsidiaries. In addition to Gazprombank, more than 50 Russian banks with international links were added to the sanctions list to further restrict Russia’s links to the international financial system.
Foreign banks are as follows:
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.
The US administration imposed sanctions on Gazprombank to prevent Russia from using the international financial system. In the statement made by the US Treasury Department, it was stated that another important step was taken in the implementation of the commitments of the G7 leaders to prevent Russia from using the international financial system to further its war in Ukraine.
In addition to Gazprombank, more than 50 Russian banks with international links, more than 40 Russian securities registrars and 15 Russian financial officials were added to the sanctions list. In the statement, it was warned that foreign financial institutions that maintain correspondent relations with sanctioned banks may face the risk of sanctions if they continue their relations. US Treasury Secretary Janet Yellen stated in a statement on the subject that the sanctions in question will further shrink and weaken Russia’s ‘war machine’.
You can view full list of sanctioned people and companies in US Department of Treasury’s press release here.
