meta_id 3492411

On September 14, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated VTB Bank Public Joint Stock Company (VTB Bank), one of Russia's largest financial institutions, for facilitating Iranian sanctions evasion. The designation was made under Executive Order (E.O.) 13902, which targets certain sectors of the Iranian economy, including Iran's financial sector. VTB Bank established correspondent banking relationships with sanctioned Iranian financial institutions and opened bank offices in Iran to formalize banking coordination with the Iranian regime and expand bilateral trade. Over the past three years, the bank moved billions of frozen Iranian assets and created a settlement system for national currencies through correspondent accounts denominated in Iranian rials and Russian rubles. VTB Bank began increasing its presence in Tehran in January 2025. Treasury Secretary Scott Bessent said: "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." The designation makes VTB Bank among the most comprehensively sanctioned financial institutions globally. All property and interests in property of VTB Bank in the United States or in the possession or control of U.S. persons are now blocked. U.S. persons are generally prohibited from conducting transactions involving VTB Bank unless authorised by OFAC or exempt. Foreign financial institutions continuing to deal with VTB Bank face heightened secondary sanctions risk. Non-U.S. persons are prohibited from causing or conspiring to cause U.S. persons to violate sanctions or engaging in conduct that evades U.S. sanctions. Violations may result in civil or criminal penalties. This action follows Treasury's recent designations of banks in Turkey and the United Arab Emirates and forms part of Operation Economic Outcast, announced August 24, 2026, which aims to sever remaining economic lifelines sustaining the Iranian regime.