The U.S. Department of the Treasury designated state-controlled VTB Bank—Russia’s second-largest lender—under Iran-related authorities as part of “Operation Economic Outcast,” layering on top of its existing Ukraine-war sanctions. Treasury found that VTB established offices in Iran, created correspondent ties with sanctioned Iranian banks, set up a rial-ruble settlement mechanism, and attempted to move billions of … Continue reading U.S. targets Russia’s VTB Bank with fresh sanctions over Iran ties