US Sanctions Major Russian Bank for Helping Iran Evade Sanctions

The United States has sanctioned Russia’s VTB Bank for helping Iran evade financial restrictions, expanding Washington’s pressure on institutions supporting Tehran. The Treasury Department said VTB established correspondent relationships with sanctioned Iranian banks, helped move frozen Iranian assets, and created rial- and ruble-denominated settlement accounts to facilitate trade. The action blocks VTB’s US-linked property and generally prohibits American persons from transactions involving the bank. Treasury warned that foreign institutions continuing such dealings could face secondary sanctions and other penalties too.