US Treasury sanctions Russia's VTB Bank for Iran sanctions evasion

Intelligence summary

The U.S. Treasury has sanctioned Russia's VTB Bank under Iran sanctions authority E.O. 13902, part of Operation Economic Outcast. Treasury says VTB opened offices in Iran, built correspondent ties with sanctioned Iranian banks, moved billions in frozen Iranian assets, and set up a rial-ruble settlement system to expand trade. The new Iran designation raises secondary-sanctions exposure for any foreign bank dealing with VTB.