US Imposes Sanctions on VTB for Assisting Iran

The US has included VTB in its sanctions list against Iran, accusing the bank of facilitating the circumvention of restrictions. The Office of Foreign Assets Control (OFAC) of the US Treasury announced that VTB's operations will be assessed for potential sanctions evasion. VTB has been under US sanctions since July 2014, when the restrictions did not imply complete isolation of the bank from the US financial system but prohibited financing from American companies. In 2022, following the start of the invasion of Ukraine, VTB was added to the SDN list, leading to asset freezes and effective isolation from the dollar system. The restrictions also apply to subsidiaries in which VTB owns more than 50%. The UK and EU also plan to join the sanctions. At the end of August, VTB's shares hit a historic low on the Moscow Exchange, falling below the nominal price to $0.59 per share (49.86 rubles).

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