U.S. imposes sanctions against Gazprombank IT company, developer of banking sector apps

20:46, 26.02.2024 1 min read

The United States has imposed blocking sanctions against Gazprombank's (GPB) IT company and a vendor that develops platforms for the financial sector, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC), which enforces sanctions, said in a statement.

OFAC said that it has included GPB-IT1 and Financial Information Systems in the SDN List of companies.

Gazprombank and IT One announced establishing the GPB-IT1 joint venture in October 2021. The parties intended to render the JV as one of the largest centers for developing digital and financial services. IT One is part of the GS-Invest group, previously owned by Sergei Matsotsky and Gazprombank. GPB-controlled Orbita initially owned 50.1% of GPB-IT1, and IT1-Holding owned 49.9%. Orbita obtained 100% of GPB-IT1 in December 2023.

Financial Information Systems develops and implements software and management systems, with clients that include large banks and other financial organizations, the company has posted on its website. One of the company's products is a platform for creating banking apps.