U.S. Treasury sanctions Russia's VTB Bank under Iran sanctions authority

The U.S. Treasury sanctioned Russia's VTB Bank under Iran sanctions authority E.O. 13902 as part of Operation Economic Outcast. Treasury stated VTB opened offices in Iran, established correspondent relationships with sanctioned Iranian banks, transferred billions in frozen Iranian assets, and created a rial-ruble settlement system to expand trade. The Iran designation exposes any foreign bank dealing with VTB to secondary sanctions.