Gazprombank Said to Prepare for U.S. Sanctions

OAO Gazprombank executives are preparing Russia’s third-largest lender for possible U.S. sanctions as the Obama administration gets ready to respond to escalating tensions in Ukraine, according to two people with knowledge of the deliberations.

Gazprombank is a potential target, said a U.S. official, who asked not to be identified because the information is confidential. Another Russian state-controlled financial institution, development lender Vnesheconombank, is taking precautionary measures against possible sanctions, according to one person familiar with talks at that bank. Spokesmen for Gazprombank and VEB, as it’s known, declined to comment.