The imposition of sanctions is impacting Gazprombank, Russia’s largest remaining unsanctioned bank, which is a significant channel for Russian fossil fuel purchases.
On November 21, the United States implemented sanctions against nearly 100 Russian financial institutions and 15 individuals to further limit Moscow’s capacity to engage in warfare in Ukraine. The U.S. Treasury Department sanctioned 54 Russian banks and 41 securities registrars.
The sanctions also target 11 Russian officials from the Central Bank of the Russian Federation, members of Russia’s VTB Bank in Shanghai and Sberbank in New Delhi. These actions aim to weaken Russia’s war capabilities.
Treasury Secretary Janet Yellen stated that the sanctions against Gazprombank, a major Russian bank, and its subsidiaries, will hinder Russia’s war efforts by handling financial transactions for troops and compensating families of fallen soldiers. Gazprombank has been crucial for Russian oil and gas exports.
Despite Europe’s reliance on Russian fuel, the sanctions show a willingness to target Russia’s primary exports. However, transactions related to the Sakhalin-2 project are temporarily exempted.
The sanctions will also impact Russia’s ability to acquire essential equipment and technology for their war efforts. The Biden administration has pledged increased support for Ukraine, including a $275 million arms package and approval for anti-personnel mines.
As the transition to the incoming Trump administration nears, the impact of negotiations on ending the war remains uncertain. The administration’s stance on sanctions and support for Ukraine may evolve depending on the outcome of negotiations. Could you please rephrase that?
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