First Effects of the Latest Round Of Financial Warfare Against Russia

On Nov. 21, the US Treasury Department announced a new package of anti-Russian sanctions, targeting dozens of individuals and legal entities which had not been previously sanctioned. This time, Gazprombank was included, which is a privately-owned Russian bank and the third largest in the country by assets, which is one of the principal channels for payments for Russian oil and gas. According to TASS, as a result of the new sanctions a number of countries have stopped servicing UnionPay cars issued by Gazprombank. “TASS correspondents reported from Turkey, the United Arab Emirates, Germany, Qatar, Kazakhstan, Hungary, Vietnam, Thailand, Tunis, Uzbekistan, South Africa, and South Korea that local banks have stopped servicing UnionPay cards… The bank has reassured its clients that its cards, including its foreign payment systems, will continue to be accepted throughout Russia.”