- BIST10011,639-0.71%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,190.60+0.23%
- INTEREST37.00%-1.00
- BITCOIN82,847+1.02%
- October 19, 202617°
- BIST10011,639-0.71%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,190.60+0.23%
- INTEREST37.00%-1.00
- BITCOIN82,847+1.02%
- October 19, 202617°
US announces new sanctions targeting Iran’s financial channels
The US administration announced new sanctions targeting Iran’s access to the international financial system and the financial networks it uses to transfer oil revenues into the country. Iraq-based International Development Bank for Investment and Finance and Cuba-based Banco Internacional de Comercio S.A. were added to the sanctions list.
The US administration announced new sanctions aimed at restricting Iran’s access to the international financial system and targeting channels used to transfer revenue from oil sales into the country.
Under the Economic Exclusion Operation, Iraq-based International Development Bank for Investment and Finance (IDB), which provides financial intermediary services to Iran and access to US dollars, was added to the sanctions list.
US authorities said IDB was sanctioned because of its activities in the financial sector of Iran’s economy.
Step targeting Iran’s financial networks
According to US authorities, Iran’s administration uses shadow banking networks operating in multiple countries to generate revenue and transfer money abroad despite the sanctions.
These networks were among the financial channels used to transfer revenue from oil sales back to Iran.
BICSA also added to sanctions list
The US Department of State also sanctioned Cuba-based Banco Internacional de Comercio S.A. (BICSA). The department said the decision was based on the bank’s activities, or former activities, in Cuba’s financial services sector.
BICSA has provided services to Iran-based Karafarin Bank, which has been under sanctions since at least 2022.
Warning to financial institutions over religious aid networks
The Financial Crimes Enforcement Network (FinCEN), part of the US Department of the Treasury, issued a warning to financial institutions.
The warning called for the reporting of suspicious transactions linked to the possible exploitation of Iran’s religious aid networks by the Iranian administration.
Stay Updated with Hilal Times
Subscribe to be informed about special news, developments and announcements. We will keep you informed.
By signing up, you agree to our Privacy Policy
