Washington’s fresh blow to Iran’s financial network targets major Russian bank VTB
The U.S. Treasury Department expanded sanctions related to Iran against the Russian bank VTB, accusing this bank of participating in financial networks used by Tehran to circumvent sanctions. Washington claims VTB has played a role in certain currency conversions and financial transfers related to Iran’s economic networks. This bank, the second largest in Russia, was already under U.S. blocking sanctions since 2022 due to the Ukraine war, and the new action increases the sanction pressure related to Iran against this bank. This move is part of Washington’s campaign to identify and cut off foreign banking, currency, and financial channels that, according to the U.S., help Iran transfer money and evade economic restrictions.