The story so far
written Sep 29What is happening
The U.S. Treasury Department is targeting financial institutions that facilitate Iranian sanctions evasion to restrict the regime's access to global capital [2]. Secretary of the Treasury Scott Bessent stated on September 14, 2026, that the government will continue to isolate enablers of the Iranian regime [2].
OFAC designated VTB Bank Public Joint Stock Company on September 14, 2026, under Operation Economic Outcast [2]. The Treasury Department cited the Russian bank's involvement in helping Iran evade international sanctions [2]. This designation follows the publication of new regulations and guidance on September 24, 2026, and updates to the sanctions list on September 23, 2026 [1].
What to watch
The Senate Banking Committee publishes its final report on the Tether investigation. The U.S. Treasury Department issues a formal sanctions order targeting entities involved with Tether and Iran. The Office of Foreign Assets Control (OFAC) releases official guidance or a compliance FAQ on the new sanctions. A court rules on any legal challenge to the sanctions or the investigation’s findings.
Senator Elizabeth Warren issued a statement regarding export controls on September 25, 2026 [12]. Further legislative oversight actions by the Senate Banking Committee would clarify the status of the investigation into digital asset use by the Iranian regime.
Read the full brief · how we got here
How we got here
OFAC issued general licenses on September 28, 2026, following a series of regulatory updates earlier in the month [1]. These actions are part of a broader enforcement strategy that includes recent counter-narcotics and counter-terrorism designations [7].
In the federal court system, Judge Beryl A. Howell of the U.S. District Court for the District of Columbia upheld OFAC's authority to deny delisting petitions in a ruling on July 24, 2026 [5]. The court granted summary judgment to the government, maintaining the designation of a former Guatemalan official [5].
References · 5
- [1]ofac.treasury.gov — Recent Actions - Office of Foreign Assets Control
- [2]home.treasury.gov — Operation Economic Outcast Sanctions Major Bank Helping Iran Evade ...
- [5]ferrariassociatespc.com — Martinez Morales v. Treasury: Federal Court Upholds OFAC's Denial of a ...
- [7]ofac.treasury.gov — Counter Narcotics and Counter Terrorism Designations and Designation ...
- [12]banking.senate.gov — United States Committee on Banking, Housing, and Urban Affairs
What would close this
0 of 4 metTimeline
newest firstWhen we started following: The Office of Foreign Assets Control issued new general licenses on September 28, 2026 [1].
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued general licenses on September 28, 2026 [1]. This action followed the publication of regulations and guidance on September 24, 2026, and sanctions list updates on September 23, 2026 [1].
OFAC designated Russian financial institution VTB Bank Public Joint Stock Company on September 14, 2026 [2]. The Treasury Department applied the designation under Operation Economic Outcast, citing the bank's involvement in Iranian sanctions evasion [2]. Secretary of the Treasury Scott Bessent stated that the government will continue to isolate enablers of the Iranian regime [2].
In legislative oversight, Senator Elizabeth Warren issued a statement on September 25, 2026, regarding export controls [12].
In federal court, Judge Beryl A. Howell of the U.S. District Court for the District of Columbia granted summary judgment to the government on July 24, 2026 [5]. The ruling upheld the decision by OFAC to deny a delisting petition filed by a former Guatemalan official [5].