**US Sanctions Russian Banks**
The US Treasury Department has imposed sanctions on dozens of Russian banks, including Gazprombank. This was announced in a statement on November 21.
Gazprombank had not been targeted by the US before, but other countries like the UK and Canada had already sanctioned it earlier this year. The US was trying to keep options open for European countries to pay for Russian gas supplies through Gazprombank.
**Why the Sanctions Matter**
The new sanctions will make it harder for Russia‘s government to get money from abroad and fund its military in Ukraine. Gazprombank is a key channel for energy-related payments, and it was used by Russia to buy military equipment, pay soldiers, and help families of those killed in the war.
**What the Sanctions Do**
The US Treasury Department has blocked over 50 Russian banks connected to the international financial system. It has also sanctioned more than 40 securities registrars and 15 financial officials. This will close one of Russia’s few remaining avenues for international banking, barring Gazprombank from conducting transactions in dollars.
**A Message from OFAC**
The Office of Foreign Assets Control (OFAC) also issued an alert about the risks associated with Russia’s financial messaging system. The Kremlin is using this system to try and evade existing restrictions.
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