US Takes Sweeping Action against Russian Banking System

Seeking to further eliminate options for Russia’s use of the international financial system, the US Treasury’s Office of Foreign Assets Control (OFAC) designated for sanctions more than 50 internationally-connected Russian banks, over 40 Russian securities registrars, and 15 Russian finance officials.

Among those sanctioned by OFAC on 21 November 2024, designated Gazprombank Joint Stock Company (Gazprombank) and six of its foreign subsidiaries, including GPB International SA (Luxembourg-based), GPB Financial Services Hong Kong Ltd, GPB Financial Services Ltd (Cyprus-based), GPB-DI Holdings Ltd (Cyprus-based), Gazprombank (Switzerland) Ltd, and GPB Africa and Middle East Pty Ltd (South Africa-based).