US sanctions Russian VTB Bank over Iran dealings

The United States Treasury Department announced that Russia's VTB Bank has been sanctioned for its involvement in transactions linked to Iran that were designed to bypass US sanctions. The bank had already been cut off from the global dollar system following Russia's invasion of Ukraine. Treasury officials warned that this new designation could expose foreign banks and businesses that continue to engage with the institution to significant penalties. This decision comes amid reports of deepening financial cooperation between Tehran and Moscow in recent years.