The financial institution was assisting Iran in evading sanctions.
The Departments of State and Treasury announced that the Office of Foreign Assets Control (OFAC) placed sanctions on Russia’s VTB Bank Public Joint Stock Company (VTB Bank) this week as part of Operation Economic Outcast.
State Department Spokesperson Tommy Piggot explained, “The United States sanctioned VTB Bank, one of Russia’s largest financial institutions, for helping Iran evade sanctions and sustain its support for terrorism. VTB Bank opened offices in Iran, built banking ties with sanctioned Iranian financial institutions, and worked to move billions of dollars in Iranian assets.“
“Under Operation Economic Outcast, Treasury will continue to target and disrupt those who provide material, technological, or financial support that allows the Iranian regime to sustain its terrorist enterprise,” said Treasury Secretary Scott Bessent. “Treasury will not tolerate any support to the regime and will continue to identify, expose, and isolate Iran’s enablers.”
As the Lord Leads, Pray with Us…
- For Secretary Bessent as he oversees Operation Economic Outcast and the designation of financial institutions that have supported the Iranian regime.
- For Secretary Rubio and State Department officials as they assess the nations that have helped sanctioned entities and countries avoid sanctions.
Sources: Department of State, Department of the Treasury
