U.S. sanctions Gazprombank, Russia's third-largest bank, over Ukraine conflict

The U.S. has imposed sanctions on Gazprombank, Russia's third-largest bank, and its six foreign subsidiaries. This action aims to limit Russia's ability to fund its military amid ongoing conflict in Ukraine. The sanctions also target over 50 Russian banks and finance officials, restricting their access to U.S. assets and preventing American businesses from engaging with them. This follows recent U.S. military support for Ukraine. Previously, Gazprombank was not sanctioned due to Europe's reliance on Russian gas. However, Europe has reduced its dependency, now sourcing more liquefied gas from the U.S. and Qatar.