The United States has announced a new package of sanctions targeting Russia’s financial sector. Gazprombank and its numerous subsidiaries are among the key targets, making it significantly harder for Russia to sell its energy exports. Additionally, sanctions were imposed on 50 other banks and financial institutions.
The U.S. Office of Foreign Assets Control (OFAC) also issued a warning to international banks. Joining Russia’s alternative to SWIFT, the System for Transfer of Financial Messages (SPFS), will be considered a sanctionable risk. OFAC emphasized that any support for Russia’s financial sector amid its war against Ukraine will face penalties under U.S. law.
These measures aim to intensify economic pressure on Russia, limit its ability to fund its war efforts, and encourage global financial institutions to comply with the sanctions regime.
