Washington Imposes Sanctions on Russian Bank for Allegedly Aiding Iran
Agencies2 min read
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The U.S. Department of the Treasury has added Russia's VTB Bank, one of the largest financial institutions in Russia, to its sanctions list as part of the "economic distancing" operations directed against Iran, alleging that it has helped the latter evade international sanctions.
The U.S. Treasury stated in a Monday statement that VTB Bank was involved in activities aimed at facilitating Iran's evasion of sanctions, including establishing relationships using the banking messaging system with Iranian banks subject to sanctions.
The statement indicated that the Russian bank is now classified among the most sanctioned financial institutions in the world.
It also warned foreign financial institutions that continue to deal with the Russian bank of facing high risks of secondary sanctions, urging them to terminate these relationships immediately.
The statement explained that the Russian bank opened offices in Iran in recent years to formalize close banking coordination with Tehran and expand trade between the two countries.
It pointed to the establishment of banking correspondent relationships by the Russian bank with sanctioned Iranian institutions over the past three years, and its steps to expand its presence in Tehran since January 2025.
The U.S. Treasury claimed that the bank took steps to transfer billions of dollars in frozen Iranian assets and created a payment system that allows transactions in national currencies (Iranian rial and Russian ruble) through correspondent accounts to enhance bilateral trade.
For his part, U.S. Treasury Secretary Steven Mnuchin, in a statement included in the statement, confirmed that the Ministry will continue to target and disrupt any financial, technological, or material support that allows Iran to continue its activities, which Washington classifies as "terrorist."
Mnuchin emphasized that the U.S. Treasury will not tolerate any form of support provided to Tehran and will continue to identify, expose, and isolate supporters.
