Putin-Connected Bank Rossiya Becomes 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 Ukraine crisis.

The measure prohibits U.S. firms or individuals from doing business with Bank Rossiya, the U.S. Treasury said on its website March 20. 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.

“Bank Rossiya is the personal bank for senior officials of the Russian Federation,” the Treasury said. “Bank Rossiya’s ...