Washington imposes new sanctions on 16 individuals and 10 entities linked to Iran

- Targeting banks and financial networks in Iran, Iraq, and Asia... Cuban bank added to sanctions list

The United States announced on Thursday the imposition of new sanctions related to Iran, targeting 16 individuals and 10 entities, as part of efforts to intensify economic pressure on Tehran and disrupt its international financial networks.

In a statement, the U.S. Department of Treasury said the sanctions are part of an “economic isolation” campaign aimed at disrupting financial and banking networks accused by Washington of helping Iran circumvent U.S. sanctions and providing funding for its military activities and allied groups.

The department specified that the measures targeted Iraq’s International Investment and Financing Development Bank, accusing it of facilitating financial transactions for Iran and enabling its access to U.S. dollars, as well as its ties to Iranian government entities and armed groups loyal to Tehran in Iraq.

The sanctions also included two Iranian banks operating in free zones, “Jazirah International” and “Chabahar International,” which the department said assist in conducting foreign currency transactions and circumventing financial restrictions imposed on Iran.

The measures also targeted intermediaries and companies linked to Iranian oil trade and the transfer of its proceeds through external financial networks, including firms operating in Hong Kong and the United Arab Emirates, according to the U.S. statement.

In a concurrent move, the Treasury Department announced that the U.S. State Department had added Cuba’s Banco Internacional de Comercio to the sanctions list, noting that it has provided services to Iran’s Karafarin Bank, which has been under sanctions since at least 2022.

U.S. Treasury Secretary Scott Bessent said the noose is tightening around Iran’s economy, emphasizing that the department would not stop targeting funding sources that support Tehran’s military activities and its allied groups.

The new sanctions come within the context of a U.S. campaign to squeeze the financial channels Iran uses to obtain foreign currency, amid ongoing military and political tensions between Washington and Tehran.