Politics · United States · 2 hrs ago
US Sanctions Banks in Iraq and Cuba Over Iran Links
The US announced new sanctions targeting Iran-linked financial activity through banks and financial networks.
The measures include Iraq-based International Development Bank for Investment and Finance, or IDB, which the US says provided Iran with financial services and access to US dollars.
The US said IDB was added to the sanctions list because it operates in Iran’s financial sector.
The measures also cover Cuba-based Banco Internacional de Comercio, or BICSA, which the US says has served Iran’s sanctioned Karafarin Bank since at least 2022.
US officials said Iran used financial networks to move oil income back into the country and transfer money abroad while facing US sanctions.
Separately, the US financial crimes agency urged institutions to report suspicious transactions that may involve Iranian religious aid networks.
The United States announced sanctions on Iraq-based International Development Bank for Investment and Finance and Cuba-based Banco Internacional de Comercio.
The US Treasury said the measures target Iran’s efforts to access the international financial system.
The US said IDB provided financial services to Iran and access to US dollars.
The US State Department said BICSA had provided services to Iran’s sanctioned Karafarin Bank since at least 2022.
The Treasury’s Financial Crimes Enforcement Network also urged financial institutions to report suspicious transactions that could involve Iranian religious aid networks.
- Who
- The US Treasury and State Department announced the measures. The sanctions target IDB and BICSA.
- What
- The United States sanctioned the two banks over alleged links to Iran’s financial activity.
- When
- October 15, 2026, according to the publication dates of the reports.
- Where
- IDB is based in Iraq; BICSA is based in Cuba.
- Why
- The US said the banks provided financial services connected to Iran, including services to a sanctioned Iranian bank.
This story does not have two clearly opposing sides.
Ekonomim reported the US sanctions announcement and a FinCEN warning to financial institutions.
Milliyet reported the sanctions announcement and the FinCEN warning.
- Iraqi bank
- International Development Bank for Investment and Finance (IDB)
- Cuban bank
- Banco Internacional de Comercio S.A. (BICSA)
- Iranian bank
- Karafarin Bank
- BICSA services
- Provided to Karafarin Bank since at least 2022
- FinCEN warning
- Report suspicious transactions potentially involving Iranian religious aid networks
2 sources
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