Russia’s third-largest bank, Gazprombank, and its subsidiaries were hit with U.S. sanctions Thursday, making it the largest bank not already targeted as the Russia-Ukraine war nears the three-year mark.

The new sanctions are part of the Treasury Department’s Office of Foreign Assets Control and are targeting more than 50 “internationally connected” Russian banks, more than 40 Russian securities registrars and 15 Russian finance officials.  

Treasury Secretary Janet Yellen said Thursday the sanctions will “further diminish and degrade” Russia in its ongoing war against Ukraine.

“This sweeping action will make it harder for the Kremlin to evade U.S. sanctions and fund and equip its military,” Yellen said in a statement. “We will continue to take decisive steps against any financial channels Russia uses to support its illegal and unprovoked war in Ukraine.”

The department hit Gazprombank Joint Stock Company, along with its six foreign subsidiaries. The Treasury Department said the company is a “conduit” for Russia to purchase military material and to pay its soldiers and families of those killed in combat. The company is already sanctioned by Australia, Canada, New Zealand and the United Kingdom.

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