Sun Nov 24 20:20:00 UTC 2024: ## Bloomberg News: US Finally Sanctions Gazprombank, Closing Key Russia Loophole
**NEW YORK** – The United States has imposed sanctions on Gazprombank, the last major Russian financial institution to remain exempt from penalties. This move closes a significant loophole that the Biden administration had maintained throughout the Ukraine war, primarily due to the bank’s crucial role in facilitating European energy payments to Russia.
Previously, the US had refrained from sanctioning Gazprombank out of concern that doing so would destabilize global energy markets. European nations relied heavily on the bank for transactions related to Russian gas purchases. However, the recent action signifies a shift in US policy, effectively ending this exception. Bloomberg reports that this decision connects decision makers to crucial information within a dynamic global network. The move delivers a significant blow to the Russian financial system while potentially impacting global energy markets.
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