#russiancentralbankflagscryptoasfinancialrisk (1/2) A few minutes ago USTREASURY (re-) designated Russia's VTB Bank under the Iran sanctions as
part of the Operation Economic Outcast.
I'd read past the Russia headline
as
this is a China play.
VTB is Russia's second-largest
bank and the only Russian bank
with a licensed branch in mainland China, with direct access to China's national payment system.
Since 2024 it has been the main pipe for Russia–China trade after big Chinese banks pulled back. Iranian officials say Russian banks including VTB now hold active correspondent accounts with Iran's central bank and use their Chinese accounts to settle Iranian traders' payments, roughly $1.5 billion in the last 60 days.
VTB has been sanctioned under the Russia program since 2022. Chinese banks kept clearing for it anyway. What changes today: every Chinese bank touching VTB Shanghai now carries Iran-program secondary-sanctions exposure, inside an operation where Treasury is naming a bank a week.
Beijing has shielded its big banks from the Russia fight. Shielding them from the Iran fight is a different calculation, days before Xi meets Trump.$CRWD $SOXS $ON
part of the Operation Economic Outcast.
I'd read past the Russia headline
as
this is a China play.
VTB is Russia's second-largest
bank and the only Russian bank
with a licensed branch in mainland China, with direct access to China's national payment system.
Since 2024 it has been the main pipe for Russia–China trade after big Chinese banks pulled back. Iranian officials say Russian banks including VTB now hold active correspondent accounts with Iran's central bank and use their Chinese accounts to settle Iranian traders' payments, roughly $1.5 billion in the last 60 days.
VTB has been sanctioned under the Russia program since 2022. Chinese banks kept clearing for it anyway. What changes today: every Chinese bank touching VTB Shanghai now carries Iran-program secondary-sanctions exposure, inside an operation where Treasury is naming a bank a week.
Beijing has shielded its big banks from the Russia fight. Shielding them from the Iran fight is a different calculation, days before Xi meets Trump.$CRWD $SOXS $ON
