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 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. — August 28, 2026: The United States has imposed new sanctions targeting Iran’s financial network, including a senior official at Iran’s Bank Melli branch in Dubai, as Washington intensifies economic pressure on the Iranian regime. The latest measures were announced Friday under the Trump administration’s continuing “Operation Economic Outcast” campaign.

The U.S. government sanctioned Reza Mohammad Taeedi, manager of Bank Melli’s Dubai branch, accusing the Iranian bank of serving as a key financial hub for Iran’s armed forces. According to the U.S. government, Bank Melli has provided financial support to Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and the Ministry of Defense and Armed Forces Logistics, both of which are already under U.S. sanctions.

Washington also imposed sanctions on a Hong Kong-based company that it says helped designated Iranian individuals and entities gain access to the international financial system. Separately, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would cut Banque Misr UAE off from correspondent banking access to U.S. financial institutions. Treasury officials said Banque Misr UAE represents a critical channel through which the Iranian regime can access U.S. dollars.

“The latest action intensifies our pressure campaign against Iran,” the U.S. government said in its statement. Washington accused the Iranian regime of prioritizing what it described as malign activities over the needs of the Iranian people and said it would continue targeting individuals and entities involved in illicit financial activities on behalf of Iran.

The sanctions also specifically target individuals working for Iranian banks outside Iran, signaling an effort by Washington to disrupt the regime’s financial operations beyond the country’s borders.

The sanctions were imposed under Executive Order 13224, as amended, a U.S. counterterrorism authority, and Executive Order 13902, which targets individuals and entities operating in Iran’s financial sector.

FinCEN’s proposed action against Banque Misr UAE was taken under Section 311 of the USA PATRIOT Act, which gives the U.S. government authority to take special measures against foreign financial institutions or jurisdictions considered to pose money-laundering or other financial risks. The U.S. Treasury Department said additional details on the sanctions and proposed financial restrictions are available in its related enforcement announcement.