Expert group calls on EU to expand sanctions against Russian banks

18 July, 07:00 PM
EU sanctions against Gazprombank are proposed (Photo:RFE/RL)

EU sanctions against Gazprombank are proposed (Photo:RFE/RL)

The Yermak-McFaul International Expert Group called on the European Union to impose sanctions against the largest Russian banks on July 18, especially those financing the war.

"The EU's 7th sanctions package is being discussed further," the experts tweeted.

"Inclusion of a number of Russian banks involved in financing war in SDN list is on the table. We would simply go after all the top 30, including Gazprombank. Gas payments can easily be kept under separate mechanism."

Earlier, it was reported that Russian soldiers fighting in Ukraine get their salaries and combat allowance through Gazprombank, the only large Russian bank that has remained mostly unsanctioned.

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Gazprombank is one of the three largest Russian banks. The European Union and the United States have imposed severe sanctions against the two other largest banks, Sberbank and VTB, as well as a dozen other Russian financial institutions.

Gazprombank has faced only sectoral sanctions with an insignificant impact on its operating activities.

Meanwhile, the PSCB (Petersburg Social Commercial Bank) may soon become a financial intermediary in the implementation of a settlement mechanism between Russia and India in rupees.

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