US sanctions Gazprombank to restrict Russia's military financing

The U.S. has imposed sanctions on Gazprombank, a major Russian lender, banning it from the global financial system. This action aims to limit Russia's ability to finance its military efforts in Ukraine. Previously, Gazprombank was one of the few significant banks not sanctioned by the U.S., allowing it to facilitate energy payments. The new sanctions follow a reduction in European reliance on Russian gas, with contracts for gas transit through Ukraine set to expire soon. The U.S. also warned foreign banks against engaging with Russia's alternative payment system, threatening secondary sanctions. This move is part of broader efforts to restrict Russia's access to international banking and deter imports.