Helped Iran circumvent sanctions: US imposes new restrictions on Russian bank
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The US has imposed new sanctions on Russian state bank VTB over its assistance to Iran in circumventing restrictions.
This was reported by the Office of Foreign Assets Control of the US Department of the Treasury (OFAC).
The agency noted that over the past three years, VTB has established correspondent relations with sanctioned Iranian banks. In January 2025, the Russian bank expanded its operations in Tehran and began moving billions of dollars in frozen Iranian assets.
In addition, VTB has created a settlement mechanism in national currencies — Russian rubles and Iranian rials. It is used to support trade transactions between the two countries.
Under the new sanctions, VTB’s assets in the United States, as well as those owned or controlled by American citizens or companies, are subject to blocking. Americans are prohibited from conducting transactions with the Russian bank without special permission from OFAC.
Foreign financial institutions may be subject to secondary US sanctions if they conduct significant transactions in favor of VTB.
The US Treasury Department noted that previous sanctions against VTB were introduced in January 2025, and the bank first came under US restrictions on February 24, 2022.
It was previously reported thatthe European Union is considering new restrictions on the maritime transport of Russian oil, which could significantly reduce the financing of Russia’s war against Ukraine. At the same time, Russian financial officials are warning of the risk of an economic crisis as early as the summer of 2026 due to falling revenues and increasing strain on the banking system.
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