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US Slaps New Sanctions on Russia's VTB Bank Over Iran Ties
(MENAFN) The United States imposed fresh sanctions Monday on VTB Bank, one of Russia's largest financial institutions, accusing it of helping Tehran dodge international sanctions.
"VTB Bank opened offices in Iran, built banking ties with sanctioned Iranian financial institutions, and worked to move billions of dollars in Iranian assets," the State Department said in a statement.
"The United States remains steadfast in cutting off the financial lifelines that allow the Iranian regime to fund terrorism, destabilize the region, and threaten US economic security," the statement added.
VTB had already been under US sanctions since 2022, imposed in response to Russia's invasion of Ukraine — measures that bar American individuals and institutions from doing business with the bank.
The US Treasury Department said the bank facilitated the transfer of billions of dollars in frozen Iranian assets and has been expanding its footprint inside Iran.
Treasury Secretary Scott Bessent tied the move to a broader crackdown announced last month. "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," he said in a statement.
"Treasury will not tolerate any support to the regime and will continue to identify, expose, and isolate Iran's enablers," Bessent added.
"VTB Bank opened offices in Iran, built banking ties with sanctioned Iranian financial institutions, and worked to move billions of dollars in Iranian assets," the State Department said in a statement.
"The United States remains steadfast in cutting off the financial lifelines that allow the Iranian regime to fund terrorism, destabilize the region, and threaten US economic security," the statement added.
VTB had already been under US sanctions since 2022, imposed in response to Russia's invasion of Ukraine — measures that bar American individuals and institutions from doing business with the bank.
The US Treasury Department said the bank facilitated the transfer of billions of dollars in frozen Iranian assets and has been expanding its footprint inside Iran.
Treasury Secretary Scott Bessent tied the move to a broader crackdown announced last month. "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," he said in a statement.
"Treasury will not tolerate any support to the regime and will continue to identify, expose, and isolate Iran's enablers," Bessent added.
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