Gazprombank’s Armenian Operations ‘Unaffected’ by Latest U.S. Sanctions

Gazprombank's headquarters in Moscow

YEREVAN (Arka)—The recent, tougher sanctions against Russia announced by Washington on Wednesday, targeting major banks and energy companies, will not affect the financial stability of Gazprombank, Areximbank-Gazprombank Group, Gazprombank’s Armenian subsidiary, said Thursday in a statement.

The new U.S. sanctions fall short of action against entire sectors of the Russian economy, which president Obama said would be imposed if Russia did not halt its support of separatists in eastern Ukraine and withdraw its troops from the border area.

The measures targeted equity financing and debt financing due in more than 90 days for two Russian banks — Gazprombank, the banking arm of Russia’s largest energy company, and state-owned Vnesheconombank, or VEB — and prohibited new debt with more than 90 days maturity from U.S. institutions for OAO Novatek, Russia’s largest independent producer of natural gas, and Rosneft, the largest petroleum company.

The new measures also froze all U.S. assets of eight Russian defense firms and prohibited U.S. persons or anyone in the United States from dealing with them.

According to Areximbank-Gazprombank Group, these restrictions will not affect the normal work of Gazprombank.

“All orders of legal entities and individuals, all obligations to investors, depositors and creditors are fully met in a timely manner. All settlements in rubles and foreign currency are implemented without delay, including settlements by international payment cards,” the Armenia-based bank said.


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