U.S. Adds Iran-Related Sanctions to Russia’s VTB Bank

The U.S. Treasury’s Office of Foreign Assets Control designated Russia’s VTB Bank under Executive Order 13902 for operating in Iran’s financial sector. Treasury said VTB maintained correspondent relationships with sanctioned Iranian banks, opened offices in Iran and expanded its Tehran presence beginning in January 2025. The department said the bank worked to move billions in frozen Iranian assets and developed a rial-ruble settlement system. Property under U.S. jurisdiction is blocked, U.S. persons are generally barred from transactions, and foreign financial institutions that continue dealing with VTB face increased sanctions risk.