In announcing this latest round of sanctions, the Treasury made it clear that corresponding banks doing business with any of the sanctioned Russian entities are on

The United States imposed new sanctions on Russia's Gazprombank on Thursday, the Treasury Department said, as President Joe Biden steps up actions to punish Moscow for its invasion of Ukraine before he leaves office in January.

The US Treasury’s Office of Foreign Assets Control (OFAC) has implemented sanctions on additional Russian financial institutions, notably Russia’s Gazprombank and several foreign subsidiaries. These blocking sanctions prohibit US persons and entities from transacting with Gazprombank or its listed subsidiaries,

The US sanctioned Gazprombank, the last major Russian financial institution exempt from penalties, closing a loophole that Washington kept open over the course of the war in Ukraine because the lender is key for energy markets.

New U.S. sanctions on Moscow may shut down the only way European customers can pay for Russian gas, increase volatility on Russia's FX market and push Moscow closer to Beijing's orbit, Russian economists said on Friday.

However, unlike past US actions targeting Russian banks, this time Gazprombank will not have exceptions for energy transactions. “Such a move may push Russia to completely cut off gas supplies as a force majeure,

Hungary said the US decision to sanction Gazprombank jeopardizes the energy security of some central European countries, elevating the risks of an early cutoff of Russian natural gas to the continent.

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned Russia’s Gazprombank and other Russian lenders to restrict the country's access to the international financial system.