The US Department of the Treasury issued a statement indicating that the major Russian bank VTB conducts business with Iranian banks that are under US sanctions.
VTB itself has been subject to American sanctions since 2022 in response to Russia's invasion of Ukraine. In this context, the department took a symbolic step by including the Russian bank in another category of sanctions intended to restrict Tehran's resources.
The Treasury is responsible for conducting the economic part of the American offensive against Iran, which military force has so far failed to make yield. The administration warned in its statement: 'Foreign financial institutions that continue to maintain relationships with VTB (...) risk facing even harsher sanctions than before and must immediately cease these relationships.'
Individuals and companies maintaining ties with an institution blacklisted by Washington are subject to so-called 'secondary' sanctions, which lead to their exclusion from the American financial system.