Bank Rossiya Is First Russian Lender Under U.S. Sanctions

OAO Bank Rossiya, a St. Petersburg-based lender owned by associates of Russian President Vladimir Putin, became the first financial institution to face U.S. sanctions over the Ukrainian crisis.

The measure prohibits U.S. firms or individuals from doing business with Bank Rossiya, the U.S. Treasury said on its website today. The firm has about $10 billion in assets, “numerous relationships” with banks in the U.S. and Europe, and was targeted because its owners are part of Putin’s inner circle, the Treasury said.