U.S. Treasury Imposes Sanctions on Russian Bank in Recent Economic Exclusion Effort

September 15, 2026

U.S. Sanctions VTB Bank for Assisting Iranian Sanctions Evasion

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has imposed sanctions on the Russian financial institution VTB Bank due to its ongoing role in facilitating Iranian sanctions evasion. VTB, which operates more than a thousand branches globally, is now facing significant penalties.

“Through Operation Economic Outcast, the Treasury will keep targeting and disrupting those who offer material, technological, or financial assistance that enables the Iranian regime to maintain its terrorist activities,” stated Treasury Secretary Scott Bessent. He emphasized that the Treasury is committed to not allowing any support for the regime and will actively work to identify and isolate those who empower Iran.

This action against VTB follows Executive Order (E.O.) 13902, which focuses on specific sectors of the Iranian economy, particularly its financial sector. According to the Treasury Department, VTB is now among the most heavily sanctioned financial institutions worldwide.

Bessent highlighted Operation Economic Outcast during the G20 Finance Ministers meeting earlier this month in Asheville, North Carolina, where he warned the Iranian regime that the Treasury is aware of their associates and the locations of their assets.

As he put it, there is “no safe haven,” and the Treasury is dedicated to cutting off access to Iran’s financial systems.

According to the announcement, foreign financial institutions that continue to engage with VTB after its OFAC designation will face increased risks of isolation.

VTB was previously sanctioned by the Treasury in February 2022, shortly after the onset of Russia’s war in Ukraine. At that time, it was among Russia’s two largest banks, handling 80 percent of transactions in U.S. dollars.

This week, the Treasury is also convening with global financial institutions to share critical information aimed at disrupting revenue sources and procurement networks linked to the Iranian regime and its terrorist proxies.

The department has made it clear that those who persist in doing business with the Iranian regime will face secondary sanctions, and it plans to accelerate U.S. enforcement actions under Operation Economic Outcast.

In recent years, VTB has established bank offices in Iran to enhance banking cooperation with the Iranian regime and boost trade between the two countries.

At a “State of the Economy” policy event hosted by Breitbart News last week, Bessent remarked on President Donald Trump’s insistence on doing “more and more” and mentioned that the president has engaged with countries still maintaining connections to the Iranian regime.

Bessent pointed out that banks in both Egypt and Turkey have already faced sanctions. He issued a warning to foreign bad actors, saying, “You know who you are, we know who you are. There’s no more forbearance. There’s no more wink and a nod. We will come for you.”