U.S. Imposes Sanctions on Russia’s VTB Bank Over Ties to Iran, tell me about this news in (https://www.nytimes.com/2026/09/14/business/us-sanctions-russia-vtb-bank-iran.html)

On September 14, 2026, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed fresh sanctions on Russia’s second-largest financial institution, state-owned VTB Bank, citing its extensive role in helping Iran evade international sanctions.Key Details of the Action

• Operation Economic Outcast: The measures were taken pursuant to Executive Order 13902 (targeting Iran’s financial sector) as part of the U.S. administration’s financial enforcement campaign dubbed “Operation Economic Outcast,” led by Treasury Secretary Scott Bessent to systematically sever Tehran’s remaining economic lifelines.
• Allegations of Sanctions Evasion: According to the U.S. government, VTB established formal correspondent relationships with sanctioned Iranian banks and expanded its physical footprint in Iran. The bank is accused of facilitating the movement of billions of dollars in frozen Iranian assets and creating alternative settlement systems denominated in Russian rubles and Iranian rials to bypass Western financial networks.
• Secondary Sanctions Threat: Although VTB was already heavily restricted under Russia-related sanctions dating back to 2022, this Iran-specific designation carries severe secondary sanctions risks. Washington warned foreign financial institutions globally that maintaining any remaining dealings or clearing channels with VTB now puts them at immediate risk of being entirely cut off from the U.S. financial system.