The U.S. Treasury Department placed VTB, one of Russia’s largest financial institutions, on its sanctions list, accusing the bank of involvement in activities linked to Iran sanctions.
According to a statement issued by the department on Monday, VTB established ties with sanctioned Iranian banks through an interbank messaging system and became involved in activities allegedly designed to facilitate sanctions evasion. The statement described the bank as one of the financial institutions facing the highest sanctions risk worldwide.
The U.S. Treasury Department warned that foreign financial institutions continuing to conduct transactions with VTB could face secondary sanctions. The department called on those institutions to immediately end their dealings with the Russian bank.
VTB’s ties to Iran
The department’s statement said VTB had sought in recent years to formalize banking coordination with Tehran and expand trade between the two countries by opening offices in Iran.
It said VTB had established correspondent banking relationships with sanctioned Iranian financial institutions over the past three years and had taken steps since January 2025 to expand its presence in Tehran.
The U.S. Treasury Department also alleged that VTB had taken steps to transfer billions of dollars from frozen Iranian assets and established a payment system enabling transactions in Iranian rials and Russian rubles to increase bilateral trade.
Bessent: We will continue targeting support
U.S. Treasury Secretary Scott Bessent said in a statement issued by the department that they would continue targeting financial, technological or material support enabling Iran to pursue activities Washington characterizes as terrorism.
Bessent said they would show no tolerance for any support provided to Tehran and would continue identifying, exposing and isolating its supporters.
