01:05 GMT +3 hours26 August 2016
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US Sanctions Fail to Cripple Gazprombank Transactions

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Russia’s biggest natural gas producer and exporter Gazprom continues to pay its bills via Gazprombank, the Russia-based bank, which has recently been targeted by new US sanctions, according to a statement on the bank's website.

MOSCOW, July 20 (RIA Novosti) – Russia’s biggest natural gas producer and exporter Gazprom continues to pay its bills via Gazprombank, the Russia-based bank, which has recently been targeted by new US sanctions, according to a statement on the bank's website.

“Gazprom Group, including Gazprom Export LLC, has been carrying out all ruble and foreign payments on the bills of Gazprom OJSC and its affiliated companies duly and in full, despite the extended sanctions that the US administration unilaterally imposed on several Russian companies, including Gazprombank OJSC on July 16, 2014,” the bank said Sunday.

On Wednesday, US authorities slapped Russia with new sanctions against a number of its companies and banks, including Gazprom-founded Gazprombank, Russia’s third largest bank specializing in investing and lending to companies in major economic sectors.

According to the Treasury’s executive order, transacting in, providing financing for, or otherwise dealing in new debt of longer than 90 days maturity or new equity for the banks on the Sectoral Sanctions Identifications (SSI) List, including their property or their interests in property, is prohibited for US persons and for those within the United States.

The Treasury said the list is not final and may change with time. As of now, it includes four Russian companies: Gazprombank, Vnesheconombank, Novatek, and Rosneft.

Tags:
banking, sanctions, US Treasury Department, Vnesheconombank, Gazprombank, Novatek, Gazprom
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