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Sanctions Target Sberbank, Gazprombank Executives: Banking Sanctions Update for May 8-14, 2022

The United States announced a new round of sanctions Sunday, targeting banking executives from Sberbank, Russia’s largest lender, and Gazprombank, the primary bank for Russian energy company Gazprom.

According to the Wall Street Journal, the sanctions also “will seek to clamp down on advertising dollars flowing into three Russian television stations, bar U.S. consulting firms from providing services to Russian companies seeking to evade sanctions and limit Russia’s access to industrial engines, motors and bulldozers.”

In a press release, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) identified by name eight current and recent members of the Executive Board of Sberbank, and 27 members of Gazprombank’s Board of Directors.

In addition, OFAC announced sanctions against the Joint Stock Company Moscow Industrial Bank (MIB) a Russian state-owned bank that provides commercial banking services including deposits, loans, credit cards, corporate finance, and foreign exchange transactions.

The E.U.'s Executive Commission is still considering new sanctions, which would include removing Sberbank and two other Russian banks -- Credit Bank of Moscow and the Russian Agricultural Bank -- from SWIFT.


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