All articles tagged with #gazprombank
The U.S. Treasury Department has imposed new sanctions on over 50 Russian banks, including Gazprombank, which had previously been exempt to allow European countries to pay for Russian gas. These sanctions, effective December 20th, will force European buyers to find alternative payment methods, potentially complicating Russia's financial situation and impacting its war effort.
The US has imposed sanctions on Gazprombank, the last major Russian bank not previously blacklisted, due to its role in financing Russia's military efforts in Ukraine. This move targets Gazprombank and its subsidiaries, effectively cutting them off from global finance. The bank, crucial for gas transactions between Russia and Europe, had been spared earlier to maintain energy stability. However, shifting trade dynamics and Gazprombank's alleged involvement in military payments prompted the US to act, aiming to further weaken Russia's war capabilities.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on Gazprombank, over 50 Russian banks, 40 securities registrars, and 15 finance officials to limit Russia's access to the international financial system amid its ongoing war in Ukraine. The sanctions aim to disrupt Russia's financial channels used to support its military efforts. OFAC also issued an alert about the risks of joining Russia's System for Transfer of Financial Messages (SPFS), which is used to evade sanctions. The move aligns with G7 commitments to further isolate Russia economically.
Four bankers from Gazprombank have been convicted in Switzerland of failing to exercise necessary oversight with regards to accounts that helped Sergey Roldugin deposit millions in discrete bank accounts between 2014 and 2016. Roldugin is a longtime ally of Russian President Vladimir Putin and is alleged to have laundered money for him. The men have been handed suspended jail sentences that carry with them fines of 741,000 Swiss francs ($809,000; €743,400).
Four former bankers with the Swiss affiliate of Gazprombank were found guilty of failing to properly check accounts opened in the name of a Russian cellist with ties to President Vladimir Putin. The verdict follows a one-day trial based on information about secret financial flows revealed in the Panama Papers leaks in 2016. The former Gazprombank employees were charged with failing to adequately check whether the cellist actually owned the assets in the accounts. The defendants were handed suspended sentences in Zurich district court that, if violated, could lead collectively to hundreds of thousands of Swiss francs in fines.