Treasury hits Russia’s VTB Bank with new sanctions over Iran ties

The Treasury Department on Monday announced new sanctions on Russia’s state-controlled VTB Bank as part of its effort to economically isolate Iran by targeting its business partners and other financial “enablers.” The action, which followed Treasury Secretary Scott Bessent’s promise that a “large bank” would be sanctioned on Monday, was the latest penalty to be doled out as part of “Operation Economic Outcast,” the Trump administration’s non-military warfare strategy against Iran. The new sanctions against VTB Bank Public Joint Stock Company, Russia’s second-largest bank, stemmed from allegations that it helped Tehran evade sanctions in part by “establishing correspondent relationships with…