U.S. Treasury Department sanctions Russian banking giant VTB Bank

Filed 47m ago · Via NV · The Buffoon Desk

THIS STORY IS SCORED

Dance of the Tuba Plum Fairy

Kevin MacLeod · incompetech.com · CC BY 4.0

Photo: Alf van Beem · Public domain · via Wikimedia Commons

The U.S. Treasury Department sanctioned Russia's VTB Bank on September 14, saying the bank helped Iran evade American sanctions and move billions in frozen Iranian assets, with VTB reportedly expanding operations in Tehran as early as January 2025 under the guise of boosting trade. Foreign institutions that continue dealing with VTB now risk secondary sanctions.

VTB has been under U.S. sanctions since February 2022 and faced further restrictions in January 2025, meaning this marks at least a third round against the same bank. The announcement comes as VTB reportedly cuts staff amid falling profits and a collapse in its shares on the Moscow Exchange.

The full dispatch is available from the source below.

✒ FROM THE EDITORIAL DESK

Sanctioning the same bank for a third time raises the honest question of what the first two rounds actually accomplished, besides giving Treasury something to announce. If VTB was still finding ways to move Iranian money around this whole time, the sanctions were more like a stern note taped to the door than a lock. Still, credit where it's due, at least somebody is keeping score.

Source: Read the original at NV → Scored: Dance of the Tuba Plum Fairy · Kevin MacLeod · CC BY 4.0

Read it scored.

Every story, every clown, every kazoo — in your pocket. Music plays automatically. Regret is optional.

GET IT ON iOS GET IT ON ANDROID

OR FOLLOW THE DESK ON BLUESKY →