New sanctions from the US targeting Iran's financial networks and institutions

The US Department of the Treasury has included 16 individuals and 10 entities on the list as part of new sanctions aimed at restricting Iran's access to the international financial system.

Scope and Rationale of the Sanctions

In a statement made by the US Department of the Treasury, it was reported that Iran's attempts to infiltrate the international financial system were targeted within the framework of the "Economic Exclusion Operation".

It was stated that the new sanctions also cover the Iraq-based International Development Bank for Investment and Finance, which was noted to provide financial intermediary services to Iran and grant access to the US dollar.

Oil Revenues and Shadow Banking Networks

The Ministry stated that the financial networks used by Iran to transfer revenues obtained from oil sales back to the country are also among the targets of the new sanctions.

It was expressed that the Tehran administration utilizes shadow banking networks operating in different countries in order to bypass US sanctions, generate revenue, and carry out international money transfers.

Sanctions on Cuba-Based Bank

It was reported that the US Department of State also simultaneously added the Cuba-based Banco Internacional de Comercio S.A. bank to the sanctions list.

It was noted that the relevant bank has been providing services to the Iran-based Karafarin Bank, which has been under US sanctions since at least 2022.

FinCEN Warning on Religious Aid Networks

The US Department of the Treasury announced that the Financial Crimes Enforcement Network has issued a new advisory regarding the potential misuse of religious aid networks by the Iranian administration.

Within the scope of the warning, financial institutions were requested to report suspicious transactions that might be connected to the aforementioned networks to the relevant authorities.