US imposes sanctions on VTB over ties with Iran
On September 14, the United States imposed new sanctions on Russia’s VTB amid its financial ties with Iran. The US Treasury accused Russia’s second-largest bank, an aggressor state, of helping Tehran circumvent restrictions.
As The National reports, this step is another measure by Washington aimed at isolating the Iranian economy. US Treasury Secretary Scott Bessent called on European partners and Persian Gulf countries to increase pressure on the sources of revenue of the Iranian authorities.
US Treasury allegations
According to the US department, VTB has formalized closer banking coordination with Iran in recent years. In particular, the bank opened offices in the country, helped move billions in frozen assets, and created a settlement system to expand bilateral trade.
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VTB is already under US sanctions imposed in 2022 after Russia’s invasion of Ukraine. Last month, the US Treasury also announced the expansion of its secondary sanctions campaign and the possibility of restricting dollar access for institutions that continue to do business with Iran.
Other US measures
VTB became the third financial institution against which the United States has taken action as part of this campaign. Previously, the US Treasury focused on the UAE branch of Egypt’s Banque Misr, as well as a Turkish bank and its subsidiaries.
On August 30, the Central Bank of the UAE announced a special and urgent inspection of Banque Misr branches in the country. According to The National, the new US measures do not provide for full secondary sanctions against VTB. Last week, the US Treasury also imposed sanctions on Iranian commercial airlines and other entities linked to Iran’s aviation sector.
