Shibbir Ahmed, New York — The United States has imposed new sanctions on Russia’s VTB Bank, accusing the major financial institution of helping Iran evade U.S. sanctions and establishing correspondent banking relationships with sanctioned Iranian banks. The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the action on September 14 under the administration’s Operation Economic Outcast, a campaign aimed at disrupting the Iranian regime’s financial networks and sources of revenue.

“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,” Treasury Secretary Scott Bessent said. Bessent added that the United States would continue identifying, exposing and isolating individuals and institutions that support the Iranian regime.

VTB Accused of Expanding Ties With Iran

According to the Treasury Department, VTB Bank, one of Russia’s largest financial institutions, has expanded its banking presence in Iran in recent years as Moscow and Tehran have sought to deepen economic and trade ties.

U.S. authorities said VTB established correspondent banking relationships with Iranian financial institutions already under sanctions and began taking additional steps to expand its presence in Tehran in January 2025.

The Treasury Department also accused the bank of helping establish a settlement mechanism using Iranian rials and Russian rubles through correspondent accounts, with the aim of facilitating bilateral trade. U.S. officials further alleged that VTB took steps to move billions of dollars in frozen Iranian assets.

Operation Economic Outcast

The Treasury Department announced Operation Economic Outcast on August 24, describing the campaign as an effort to sever the remaining economic lifelines supporting the Iranian regime. The operation focuses on financial networks involved in oil smuggling, sanctions evasion and the financing of Iran’s security apparatus, terrorist proxies and other affiliated networks.

Washington has warned foreign financial institutions that continuing significant business with sanctioned Iranian entities could expose them to secondary sanctions and potentially restrict their access to the U.S. financial system. The Treasury Department said it is also working with partners in the European Union, the United Kingdom and Gulf countries to target financial channels connected to Iran.

VTB Already Under U.S. Sanctions

The latest action is not the first time VTB Bank has been targeted by the United States. OFAC previously designated VTB in January 2025 under sanctions authorities targeting Russia’s financial sector. The bank was also sanctioned in February 2022 over its ties to the Russian government and its operations in Russia’s financial services sector. The new designation adds Iran-related sanctions exposure to the bank’s existing restrictions.

Assets Blocked

Under the latest action, all property and interests in property belonging to VTB Bank that are located in the United States or held by U.S. persons are blocked and must be reported to OFAC. U.S. persons are generally prohibited from conducting transactions involving the blocked property unless authorized by OFAC or covered by an applicable exemption. The restrictions also extend to entities that are owned, directly or indirectly, 50% or more by one or more blocked persons.

Foreign financial institutions engaging in certain significant transactions involving designated entities may also face the risk of secondary sanctions, including restrictions on their ability to maintain correspondent or payable-through accounts in the United States.

The Treasury Department said the latest action sends a broader warning to foreign banks and businesses that facilitate Iran’s efforts to circumvent U.S. sanctions. Washington is expected to continue targeting financial institutions and other entities that it says provide Iran with access to international financial networks.

Shibbir Ahmed | Washington, DC: The United States has imposed sweeping new sanctions targeting Iran’s aviation sector, placing 36 individuals and entities—including 27 Iranian airlines—under sanctions. The US Treasury Department announced the measures on Tuesday, saying the action was taken under “Operation Economic Outcast” to increase pressure on Iran’s aviation industry, aircraft procurement activities and related networks.

US authorities allege that the sanctioned individuals and entities were involved in procuring and transferring aircraft, aviation technology and other sensitive equipment for Iran. They are also accused of supporting Iranian aviation networks used to transport weapons, personnel and illicit cargo.

27 Iranian Airlines Sanctioned

The Treasury Department’s Office of Foreign Assets Control (OFAC) designated 27 Iranian airlines for operating in Iran’s aviation sector. The airlines include Air Shiraz, Asa Jet Airline, ATA Airlines, Atlas Aviation Group, Ava Airlines, Chabahar Airlines, Fly Kish Airlines, Iran Air Tour, Iran Aseman Airlines, Kish Airlines, Karun Airlines, Qeshm Air, Saha Airlines, Sepehran Airlines, Taban Airlines, Varesh Airlines and Zagros Airlines, among others. According to Washington, the latest measures represent one of the most significant sanctions actions against Iran’s commercial aviation sector in recent years.

Mahan Air Support Network Also Targeted

The United States also imposed sanctions on several companies and individuals in third countries accused of supporting Mahan Air, an Iranian airline that is already under US sanctions. According to the Treasury Department, intermediaries based in the United Arab Emirates and Türkiye played a role in transferring US-made or US-controlled aircraft to Mahan Air.

US authorities said that at least three Boeing 777 aircraft were transferred to Mahan Air through a network during the summer of 2026. The United States alleges that several companies based in the UAE and Oman were involved in the network.

Aviation Authorizations Suspended

Alongside the new sanctions, OFAC suspended three previously issued authorizations related to aviation operations involving Iran. The authorizations had permitted, under certain circumstances, the use of Iranian airspace and the operation of US-origin or US-controlled commercial aircraft in Iran by non-US airlines. US authorities said aviation safety-related matters would continue to be considered separately on a case-by-case basis.

Warning to Financial Institutions

The Financial Crimes Enforcement Network (FinCEN) also issued a separate alert to financial institutions. The agency urged banks and other financial institutions to increase scrutiny of suspicious transactions linked to Iran’s efforts to procure commercial aircraft and aircraft parts.

The Treasury Department alleges that Iran has used intermediaries and front companies across Europe, the Middle East, Africa and Asia to obtain aircraft, aviation components and dual-use technologies while concealing their ultimate destination.

Part of ‘Operation Economic Outcast’

The latest sanctions are part of the United States’ “Operation Economic Outcast,” an initiative announced in August aimed at increasing pressure on financial networks and revenue streams linked to the Iranian government.

The Treasury Department said assets and interests belonging to sanctioned individuals and entities that fall under US jurisdiction will be blocked. US citizens and companies are generally prohibited from engaging in financial or commercial transactions with those designated.

Foreign companies and financial institutions could also face the risk of US sanctions for engaging in significant transactions with sanctioned individuals or entities. US authorities said the latest measures are intended to further isolate Iran’s aviation sector from the international financial system.

Shibbir Ahmed, WASHINGTON DC — The United States has imposed sanctions on a Türkiye-based financial institution and two of its subsidiaries, accusing them of providing critical international banking access to Iran and facilitating tens of millions of dollars in transactions linked to the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF).

The U.S. Department of the Treasury announced the action Friday as part of Operation Economic Outcast, a broader campaign aimed at disrupting Iran’s access to international financial networks and cutting off revenue streams that Washington says support the Iranian regime’s regional activities.

The Office of Foreign Assets Control (OFAC) designated Golden Global Yatirim Bankasi Anonim Sirketi, also known as Golden Global Bank, under Executive Order 13902. Two Türkiye-based subsidiaries—Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi—were also designated.

According to the Treasury Department, Golden Global Bank provided correspondent banking services to Iranian financial institutions, allowing funds connected to Iran to move through the international financial system.

Treasury alleged that the bank was established to facilitate the transfer of Iranian oil revenues from China to Türkiye, where the proceeds could subsequently be converted into cash and gold through money exchangers associated with Iran’s financial networks.

The department also said the bank knowingly facilitated transactions involving accounts controlled by the IRGC-QF and its proxies. Treasury specifically cited a network connected to Turkish businessman Sitki Ayan and his companies, which the U.S. sanctioned in 2022 over alleged involvement in moving hundreds of millions of dollars related to IRGC-QF oil sales.

“Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast,” Treasury Secretary Scott Bessent said in announcing the action.

The Treasury said the latest sanctions are intended to send a warning to financial institutions around the world that facilitating Iranian sanctions evasion or illicit financial activity could result in restrictions on access to the U.S. financial system.

Part of broader pressure campaign

The action is the latest development in Operation Economic Outcast, which Treasury Secretary Bessent announced on Aug. 24. The campaign focuses on financial networks that the U.S. says Iran uses to generate revenue, evade sanctions and move money internationally.

Treasury said Iran’s existing U.S. sanctions have pushed the country toward multinational “shadow banking” networks that provide access to international financial channels, including U.S. dollar correspondent banking relationships.

Washington has increasingly targeted financial intermediaries outside Iran that it says help Iranian institutions access the global financial system. On Aug. 28, the Treasury Department announced measures targeting Iran’s access to banks in the United Arab Emirates, including a proposed rule that would restrict Banque Misr UAE’s correspondent banking access to U.S. financial institutions.

Sanctions take effect immediately

Under the latest action, property and interests in property belonging to the designated entities that are in the United States or under the possession or control of U.S. persons are blocked and must be reported to OFAC.

U.S. persons are generally prohibited from conducting transactions involving the blocked entities unless authorized by OFAC. The sanctions can also affect foreign financial institutions that knowingly conduct or facilitate certain significant transactions involving sanctioned persons.

OFAC said it has also issued Iran General License CC, which authorizes a limited wind-down of certain transactions involving persons blocked in the Sept. 4 action. The Treasury Department said it will continue identifying financial institutions and other intermediaries that provide Iran with access to international financial channels.

Washington has said the ultimate objective of the sanctions campaign is to pressure Tehran to abandon activities that the U.S. considers destabilizing, including support for armed groups in the Middle East and efforts related to its military capabilities.

Source: U.S. Department of the Treasury and Office of Foreign Assets Control (OFAC).

Shibbir Ahmed, WASHINGTON, D.C. — The United States imposed new sanctions on Cuba on Thursday, targeting a member of the Castro family, a Cuban state-owned bank and four entities linked to the country’s mining and energy sectors as the Trump administration stepped up pressure on Havana.

The U.S. Department of State said the latest measures target five entities and one individual under President Donald Trump’s Executive Order 14404, which authorizes sanctions against foreign persons determined to meet specified criteria related to repression in Cuba and other threats to U.S. national security and foreign policy.

The administration said the measures are part of a broader effort to disrupt the Cuban government’s financial networks and restrict its ability to obtain resources used to sustain its economic and security apparatus.

Castro Family Member Added to Sanctions List

Among those designated Thursday is Fidel Ernesto Castro Calis, a grandson of former Cuban leader Raúl Castro. According to the State Department, Castro Calis was designated because he is an adult family member of Alejandro Castro Espín, who was previously designated under Executive Order 14404.

Alejandro Castro Espín, the son of Raúl Castro, and his son Raúl Alejandro Castro Calis, the brother of Fidel Ernesto Castro Calis, were designated on June 4, 2026. The latest action expands the administration’s sanctions targeting members of the Castro family and individuals it says are connected to Cuba’s ruling establishment.

Cuban State-Owned Bank Targeted

The United States also designated Banco Exterior de Cuba, a Cuban state-owned bank that specializes in corporate banking, foreign-trade financing and international transactions. The State Department said the bank was sanctioned for operating in or having operated in Cuba’s financial-services sector.

The designation could further complicate Cuba’s access to international financial channels and increase compliance risks for foreign banks and businesses conducting transactions involving the Cuban financial system.

Mining Sector Comes Under Pressure

Two Cuban entities connected to the country’s metals and mining industry were also designated. They are Empresa de Servicios Comandante Rene Ramos Latour (NICAROTEC) and Empresa Importadora y Abastecedora del Niquel (CEXNI).

NICAROTEC is described by the State Department as a Cuban state-owned industrial and technical services company that provides geological and mining support to the country’s nickel industry. CEXNI is a foreign-trade and logistics company that imports and supplies specialized raw materials, machinery and equipment for Cuba’s nickel and cobalt industries. The move puts additional pressure on an important segment of Cuba’s natural-resource economy, particularly its nickel and cobalt operations.

Energy Companies Also Sanctioned

The administration also targeted two companies associated with Cuba’s energy sector. Empresa Importadora de Abastecimiento para el Petroleo (ABAPET) was designated because it is owned, controlled or directed by, or acts on behalf of, Unión Cuba-Petróleo (CUPET), Cuba’s state oil company.

The State Department said ABAPET provides procurement support for CUPET and has imported technological equipment, spare parts, specialized tools and industrial inputs needed to sustain Cuba’s energy sector.

The United States also designated Comercial CUPET S.A., a Cuban state-owned company that represents CUPET in negotiations and joint ventures with foreign companies. The designations could make it more difficult for Cuba’s energy sector to obtain foreign equipment, financing and business partnerships.

Sanctions Block Property and Restrict Transactions

Under Executive Order 14404, property and interests in property belonging to the designated individuals and entities that are located in the United States or under the possession or control of U.S. persons are blocked and must be reported to the Treasury Department’s Office of Foreign Assets Control (OFAC). The order also applies to entities that are owned individually or collectively, directly or indirectly, 50 percent or more by one or more blocked persons.

U.S. persons are generally prohibited from conducting transactions involving property or interests in property of designated or otherwise blocked persons unless the transaction is authorized by an OFAC general or specific license or is otherwise exempt. The restrictions include providing or receiving funds, goods or services involving blocked persons.

Foreign Banks and Companies Face Sanctions Risk

The new measures could also have consequences beyond U.S. companies and citizens. The State Department warned that foreign persons engaging in transactions with individuals or entities designated under Executive Order 14404, or operating in certain identified Cuban sectors, could themselves face sanctions.

The sectors identified under the order include energy, defense and related materiel, metals and mining, financial services and security. The warning is particularly significant for foreign financial institutions, which may face increased sanctions and compliance risks when dealing with Cuban entities subject to U.S. restrictions.

The State Department also cautioned non-U.S. persons against returning blocked assets to sanctioned parties or transferring such assets to another jurisdiction for potential use by a designated target.

Part of Broader Cuba Policy

The latest measures are part of a broader Trump administration policy aimed at increasing pressure on the Cuban government. The United States has maintained a longstanding sanctions and embargo framework against Cuba, including the Cuban Assets Control Regulations (CACR). The new measures add further targeted restrictions to that existing framework rather than creating an entirely new Cuba embargo.

The administration has said its Cuba policy is intended to promote human rights, the rule of law, free markets, private enterprise and democratic governance. In its statement Thursday, the State Department argued that the Cuban people continue to face economic hardship while the Castro family and other regime-linked elites retain control over significant economic resources.

Washington Says Goal Is Behavioral Change

The State Department said the purpose of sanctions is not simply to punish individuals or institutions. “The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior,” the department said.

The administration says the sanctions are designed to weaken the financial networks and economic structures that support what Washington describes as Cuba’s repressive government. The measures also reflect President Trump’s stated goal of supporting what his administration describes as a “free Cuba.”

Sanctions Expand in 2026

Thursday’s action is the latest in a series of U.S. sanctions targeting Cuban individuals and state-linked institutions during 2026. The Trump administration has increasingly focused its Cuba policy on individuals associated with the country’s ruling structure as well as strategic sectors of the economy, including financial services, energy, mining and other industries.

The September 3 designations further expand that approach by targeting a state-owned bank, companies connected to Cuba’s nickel and cobalt industries, and entities linked to the country’s oil and energy sector. The new measures are expected to increase pressure on Cuba’s ability to access international financial services, obtain industrial equipment and maintain foreign commercial partnerships.

However, the sanctions do not mean that every transaction involving Cuba is prohibited. U.S. sanctions regulations include specific exemptions and licensing provisions for certain activities.

The broader question now is whether the intensified economic pressure will force meaningful changes by the Cuban government—or further deepen the economic difficulties already facing the Cuban population.