The U.S. Treasury designated Russia’s VTB Bank Public Joint Stock Company under Iran sanctions authority E.O. 13902 as part of Operation Economic Outcast.

According to the Treasury, VTB:

  • Established correspondent banking relationships with sanctioned Iranian banks.
  • Opened bank offices in Iran and took steps to expand its presence in Tehran in January 2025.
  • Took steps to move billions of dollars in frozen Iranian assets.
  • Created a rial-ruble settlement system through correspondent accounts to expand bilateral trade.

VTB was already sanctioned under Russia-related authorities E.O. 13662 and E.O. 14024. The additional Iran-related designation increases secondary-sanctions exposure for foreign financial institutions dealing with the bank. The Treasury urged those institutions to end such relationships immediately.

The Treasury also said it is meeting with global financial institutions this week to target revenue streams and procurement networks tied to the Iranian regime, the IRGC and its proxies.

Source: https://home.treasury.gov/news/press-releases/sb0629/