According to The New York Times, on September 14th local time, the U.S. Treasury Department announced additional sanctions against VTB Bank, citing its alleged role in helping Iran transfer frozen assets and facilitating trade between the two countries.
U.S. Treasury Secretary Bessenter stated in a statement, "The Treasury Department will not tolerate any support for the Iranian regime and will continue to identify, expose, and isolate Iran's accomplices." This week, Treasury officials will meet with global financial institutions to discuss how to cut off Iran's revenue sources.
The Treasury Department also warned that financial institutions continuing to transact with VTB Bank could also face sanctions.
According to the U.S. Treasury Department, VTB Bank has been helping Iran transfer frozen assets and has established a national currency settlement system through proxy accounts in the Iranian rial and Russian ruble to help facilitate trade between the two countries.
This action is the latest in the Trump administration's "economic isolation campaign" aimed at strangling the Iranian economy. Last month, Treasury Secretary Bessenter imposed what he called the "toughest financial sanctions in history" on Iran.
The report states that the new sanctions could subject other countries that maintain business dealings with VTB Bank to "secondary sanctions" from the U.S. This has increased the pressure on the bank, which was previously sanctioned by the United States in 2022 and 2025 due to the Russia-Ukraine conflict.
