OFAC designates Gazprombank, along with its six wholly owned foreign subsidiaries.
29/11/2024
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated Gazprombank and its six wholly owned foreign subsidiaries.
This action is part of a broader effort to curtail Russia’s use of the international financial system to support its war against Ukraine.
OFAC’s approach is more comprehensive than other countries’ sanctions, as it explicitly names and designates these subsidiaries, reducing the burden on financial institutions to identify them independently.
Gazprombank, a major conduit for Russia’s military financing, is now sanctioned alongside its subsidiaries in Luxembourg, Hong Kong, Cyprus, Switzerland, and South Africa.
- Luxembourg-based bank GPB International SA,
- Hong Kong-based GPB Financial Services Hong Kong Limited,
- Cyprus-based GPB Financial Services Limited
- Cyprus-based GPB-DI Holdings Limited,
- Switzerland-based Gazprombank (Switzerland) Ltd, and
- South Africa-based GPB Africa and Middle East Pty Ltd
This designation aims to
- Prevent Russia from using these entities to evade sanctions and continue its war efforts.
- Enhance the effectiveness of the sanctions and ensure that all related entities are covered.
Source:
(1) Treasury Sanctions Gazprombank and Takes Additional Steps to Curtail .... https://home.treasury.gov/news/press-releases/jy2725.
(2) Russia-related Designations and Updates; Issuance of Russia-related .... https://ofac.treasury.gov/recent-actions/20241121.
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