UK suddenly exempts Russia from sanctions on Gazprom bank

RT reported, UK granted a license to continue payments to Russian bank Gazprom (Gazprombank) for more than a month, despite sanctions imposed on the bank and dozens of other Russian banks last month.

The UK Office for Financial Sanctions Enforcement (OFSI) issued a waiver on April 21 for “the purpose of supplying gas for use in the European Union”, noting that the license would expire. due on May 31st.

The license applies to contracts agreed before April 21 with Gazprombank and its subsidiaries, and allows “opening and closing bank accounts” as long as it helps to ensure the flow of funds. gas into the EU.

Following a series of other financial sanctions over Russia’s attack in Ukraine, the UK government imposed sanctions on Gazprombank late last month, targeting companies at the same time. other major financial institutions such as Alfa Bank. However, when announcing the latest exemption, the UK Treasury cited 2019 legislation allowing for the exemption punish Russia in certain cases.

Despite efforts to sanction Russia, some European nations remain dependent on Moscow for energy supplies, leaving many reluctant to support calls for an outright embargo on gas, oil and coal of Russia.

Gazprombank is one of the largest banks in Russia in terms of assets held, mostly operating in the corporate and investment sectors. The United States and a range of allies imposed sanctions on Gazprombank in February, imposing debt and equity restrictions after Russia launched a military campaign in Syria. Ukrainepart of a concerted effort to “isolate” and “paralyze” the Russian economy.