Islam Times - US Tightens Sanctions on 50+ Russian Banks

Islam Times - The US Treasury Department imposed sanctions on dozens of Russian banks, including Gazprombank, securities registrars, and financial officials.

The US Treasury has imposed sweeping sanctions on Gazprombank, one of Russia's largest banks. The sanctions include halting its energy-related transactions through the US financial system, banning trade with Americans, and freezing US assets. Gazprombank, however, asserted that the measures would not impact its operations.

Additionally, 50 smaller Russian banks were sanctioned to restrict Russia’s access to global finance, a move Treasury Secretary Janet Yellen said aims to curb the country’s efforts to "evade US sanctions."

The Biden administration may impose additional sanctions before leaving office, though President-elect Donald Trump could reverse them after taking power.