The White House is working on adding Gazprombank to the sanctions list — the third largest bank by assets in Russia, which serves as a "hub" for gas transactions with Europe.
Gazprombank is the last major bank in Russia that retains access to the SWIFT system and transactions in key global currencies. The introduction of sanctions against it is reported by Nikkei, citing sources familiar with the matter among European officials.
As a result, the Russian bank may face a ban on any operations with American banks. A preliminary decision on the sanctions is expected to be made by the end of November. The U.S. has already informed its G7 partners about this, sources told the publication.