Key facts
- The US Treasury's OFAC designated VTB Bank on September 14 for operating in Iran's financial sector.
- The designation is part of "Operation Economic Outcast," aimed at isolating Iran economically.
- VTB Bank partnered with sanctioned Iranian financial institutions and helped transfer billions in frozen Iranian assets.
- New sanctions block any VTB Bank assets held in the U.S. or by U.S. nationals.
- VTB Bank was previously sanctioned by the U.S. in 2022 and 2025 in relation to Russia's war against Ukraine.
- The US Treasury stated VTB is now among the most comprehensively sanctioned financial institutions globally.
The United States on September 14 imposed new sanctions against Russia's VTB Bank, accusing it of facilitating Iran's evasion of international sanctions. The designation by the U.S. Treasury's Office of Foreign Assets Control (OFAC) is part of "Operation Economic Outcast," an initiative to economically isolate Iran.
VTB Bank, one of Russia's largest financial institutions, allegedly opened offices in Iran to expand trade and cooperation, partnered with sanctioned Iranian banks, and helped transfer billions in frozen Iranian assets.
Treasury Secretary Scott Bessent stated that the Treasury will continue to target those providing support to the Iranian regime. The new sanctions block any VTB Bank assets held in the U.S. or by U.S. nationals, as well as entities owned by the bank. Violators face criminal or civil penalties.
VTB Bank was previously sanctioned by the U.S. in 2022 and 2025 in relation to Russia's war against Ukraine. The Treasury noted that VTB is now among the most comprehensively sanctioned financial institutions globally.