The U.S. Treasury Department has imposed new sanctions on more than 40 Russian banks, including Gazprombank, the financial arm of the state gas giant. This move is seen as a significant escalation in efforts to put pressure on Russia amidst ongoing geopolitical tensions.

Gazprombank, which was previously exempt from sanctions to facilitate gas payments for certain European nations, will now face restrictions that could complicate transactions. Starting from December 20th, European buyers of Russian gas will have to navigate these new measures, which may require them to use third-party banks or alternative currencies instead of the dollar. This change is expected to pose challenges for European countries like Austria, Hungary, and Slovakia as they try to maintain their energy imports from Russia while complying with the new sanctions.