Sanctions by US Treasury and State Departments on Iran-Linked Institutions
The US has added certain banks based in Iraq and Cuba to its sanctions list in order to prevent Iran's attempts to infiltrate the international financial system.
Within the scope of the new sanctions move implemented by the US Department of the Treasury and the US Department of State, Iran's activities in the international financial system and shadow banking networks were targeted.
Economic Exclusion Operation
In a statement made by the US Department of the Treasury, it was announced that new measures were taken within the framework of the Economic Exclusion Operation. It was emphasized that the primary purpose of the operation is to halt Iran's attempts to infiltrate the international financial system.
Iraq-Based IDB Bank in the Crosshairs
According to the information included in the statement, the sanctions also cover the Iraq-based International Development Bank for Investment and Finance. It was stated that this institution was added to the list on the grounds that it operated within the financial sector of the Iranian economy.
Shadow Banking Networks and Oil Revenues
It was stated that Iran uses financial networks to transfer revenues obtained from oil sales back into the country. It was noted that the Tehran administration utilizes shadow banking networks in multiple countries in order to evade sanctions.
Cuba-Based BICSA on the Sanctions List
Taking a simultaneous step, the US Department of State brought the Cuba-based Banco Internacional de Comercio S.A. bank under the scope of sanctions. It was reported that this decision was made due to the institution's activities in the financial services sector of the Cuban economy.
Relations with Karafarin Bank
It was stated that findings indicating the Cuba-based BICSA has been providing services to the Iran-based Karafarin Bank, which has been subject to sanctions since at least 2022, were influential in the sanction decision.
Warning Issued by FinCEN
Meanwhile, a separate warning was issued by the Financial Crimes Enforcement Network. FinCEN requested financial institutions to report suspicious transactions regarding the potential exploitation of the Iranian regime's religious aid networks.