On September 14, Treasury’s Office of Foreign Assets Control (OFAC) announced that it designated one of Russia’s largest financial institutions for its alleged involvement in facilitating Iranian sanctions evasion. According to Treasury, the bank has taken steps to formalize closer banking coordination with the Iranian regime in recent years, including by opening offices in Iran and increasing its presence in Tehran. Treasury further alleged that the institution has established correspondent banking relationships with sanctioned Iranian financial institutions, taken steps to move billions in frozen Iranian assets, and created a ruble-rial settlement system with the goal of increasing bilateral trade.

The current designation was issued pursuant to Executive Order 13902 as part of Operation Economic Outcast. OFAC previously designated the bank in 2022 and 2025 under separate Russia-related sanctions authorities. Treasury warned of heightened sanctions risk for entities that continue to deal with the bank and advised that such relationships be cut off immediately.