The Treasury Department on Monday imposed sanctions on Russia’s VTB Bank Public Joint Stock Company for helping Iran dodge U.S. sanctions, including by establishing correspondent relationships with sanctioned Iranian banks.
The Office of Foreign Assets Control (OFAC) acted under Executive Order 13902, which targets certain sectors of Iran’s economy, including its financial sector. VTB is now among the most comprehensively sanctioned banks on earth, according to the Treasury.
“Under Operation Economic Outcast, Treasury will continue to target and disrupt those who provide material, technological, or financial support that allows the Iranian regime to sustain its terrorist enterprise,” Secretary of the Treasury Scott Bessent said. “Treasury will not tolerate any support to the regime and will continue to identify, expose, and isolate Iran’s enablers.”…