US sanctions Gazprombank and other Russian financial institutions

The US imposed sanctions Thursday on Gazprombank, the biggest Russian bank that had not yet been censured by Washington, as US President Joe Biden ramps up pressure on Moscow before he leaves office in January.

The US Treasury Department also targeted more than 50 small-to-medium banks and dozens of individuals connected to Russia’s financial sector.

“This sweeping action will make it harder for the Kremlin to evade U.S. sanctions and fund and equip its military,” US Treasury Secretary Janet Yellen said.

US authorities said Russia has used Gazprombank to pay its soldiers and to purchase military equipment for the Ukraine war.

The Biden administration had previously avoided sanctioning the bank for fear of impacting global energy markets, Bloomberg reported.

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