Russian Bank Fined $9.5M by U.S. for Violating Iran Sanctions

January 28, 2014

Publication: 

RIA Novosti

Related Country: 

  • Russia

Bank of Moscow, run by Russian-government owned VTB Bank, has agreed to pay a $9.5 million fine for violating U.S. financial sanctions against Iran.  The U.S. Department of the Treasury's Office of Foreign Assets Control penalized Bank of Moscow for authorizing 69 financial transfers, worth roughly $41 million, for a Russian subsidiary of Iran's Bank Melli between 2008 and 2009.