US Places Sanctions on Russia’s Largest Remaining Non-Sanctioned Bank

The United States on Thursday placed sanctions on Russia’s largest remaining non-sanctioned bank, Gazprombank.

According to Treasury Secretary Janet Yellen, the sanctions are meant to “further diminish and degrade Russia’s war machine” in its ongoing conflict with Ukraine that began when Russian President Vladimir Putin launched a full-scale invasion of the Eastern European country in February 2022.

Along with Gazprombank, over 50 internationally connected Russian banks, 40 Russian securities registrars and 15 Russian finance officials were hit with sanctions.

The sanctions, in part, deny the firms and individuals access to any property or financial assets held in the U.S. and prevent U.S. companies and citizens from doing business with them.

Janet Yellen Comments on New Sanctions

Yellen said in a statement Thursday the new sanctions “will make it harder for the Kremlin to evade U.S. sanctions and fund and equip its military.”

“We will continue to take decisive steps against any financial channels Russia uses to support its illegal and unprovoked war in Ukraine,” she added.

What Does Gazprombank Do?

Russia uses Gazprombank to buy military materials and equipment, according to the Treasury Department. The bank is also used to pay Russian soldiers and compensate families of soldiers killed in the line of duty, the department said.

In addition, Gazprombank played a role in Russia’s remaining natural gas supplies to Europe by handling payments from foreign customers, though Europe is now far less dependent on Russian gas.

Australia, Canada, New Zealand and the United Kingdom have hit Gazprombank with sanctions before.

Joe Biden Gives Ukraine the Green Light

This weekend, President Joe Biden authorized Ukraine to use U.S.-supplied missiles deeper inside Russia, granting a months-long request from Ukrainian President Volodymyr Zelensky.

The decision to allow Ukraine to use the Army Tactical Missile System (ATACMs) for attacks farther into Russian territory came as Putin positioned North Korean troops along Ukraine’s northern border in an attempt to reclaim hundreds of miles of territory seized by Ukraine.

Up to 12,000 North Korean troops have been sent to Russia—according to U.S, South Korean and Ukrainian assessments—amid its ongoing war with Ukraine.

A North Korean representative to the United Nations said last month that reports the East Asian country is sending soldiers to Russia were “groundless rumors.”

Meanwhile, the Pentagon said Wednesday that it will send Ukraine at least $275 million in new weapons, including antipersonnel land mines.

White House National Security Adviser Jake Sullivan said the U.S. “remains committed to putting Ukraine in the strongest possible position, and we will continue to take all available steps to do so from surging security assistance to imposing and fully enforcing sanctions and other restrictions on Russia’s war machine.”

This article includes reporting from The Associated Press.