OFAC sanctions Russia’s VTB Bank under Operation Economic Outcast for allegedly helping Iran evade sanctions by establishing correspondent banking relationships with sanctioned Iranian banks

Treasury says VTB established correspondent banking relationships with sanctioned Iranian financial institutions over the past three years, expanded its presence in Tehran from January 2025 and created a rial–rouble settlement system through correspondent accounts to facilitate bilateral trade. Treasury also alleges that VTB took steps to move billions of dollars in frozen Iranian assets, increasing its role…