Trump Admin Targets One of Russia’s Largest Banks for Supporting Iran
The Treasury Department said VTB opened offices in Iran and moved billions of dollars in Iranian assets, widening pressure on Tehran and its proxies.
- On Monday, the Treasury Department sanctioned VTB Bank for allegedly helping Iran evade sanctions and move billions in frozen assets. The designation blocks VTB property under U.S. jurisdiction and generally prohibits Americans from doing business with the bank.
- VTB Bank built correspondent banking relationships with sanctioned Iranian institutions, opened offices in Iran, and created settlement systems using Iranian rials and Russian rubles. The Treasury Department said the bank facilitated movement of billions in frozen Iranian assets.
- As part of "Operation Economic Outcast," the administration threatened dire consequences for those supporting Iran, including exclusion from the U.S. dollar system. Foreign institutions face heightened secondary sanctions risk for continuing to deal with VTB.
- The Treasury Department said Monday it will meet this week with global financial institutions to arm them with information needed to shut down revenue streams tied to the Iranian regime and the IRGC. These engagements enforce the broader pressure campaign.
- Recent measures include actions against Iran's airline industry and banks in Turkey, Dubai, and Egypt. Experts remain skeptical regarding potential action against Beijing ahead of Chinese leader Xi Jinping's expected visit to Washington this month.
63 Articles
63 Articles
The US imposed new sanctions against the Russian VTB, accusing the bank of assisting Iran in circumventing restrictions and maintaining Tehran's financial schemes.
Today, the United States Department of the Treasury announced the inclusion of the Russian VTB Bank on the sanctions list, for its involvement in helping Iran circumvent the sanctions imposed on it, through the establishment of correspondent banking relations with sanctioned Iranian financial institutions.
The United States has imposed sanctions on Russian bank VTB for its alleged role in circumventing sanctions on Iran, the US Treasury Department announced. The action adds to sanctions imposed on VTB - the second largest bank in Russia - in 2022, when it was targeted due to Russia's invasion of Ukraine. "As part of Operation Economic Outcast, the Treasury Department will continue to target and penalize those who provide material, technological, o…
The U.S. has imposed sanctions against the Russian VTB for helping Iran circumvent the restrictions, as reported by the U.S. Ministry of Finance.
U.S. sanctions Russia’s VTB Bank over Iran sanctions evasion
The U.S. Treasury Department has imposed new Iran-related sanctions on VTB Bank, one of Russia’s largest financial institutions, accusing it of helping Tehran evade sanctions and expand trade with Moscow. The U.S. Treasury said on Monday that VTB Bank established correspondent banking relationships with already-sanctioned Iranian banks, opened offices in Iran and created a settlement […]
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