US imposes Iran-related sanctions on Iraq Development Bank
The Iraq Development Bank, among dozens of other targets, was hit with sanctions by the US on Thursday for its relations with Iran , the Treasury Department said in a statement. The bank was one of 10 entities and 16 people hit in the latest round of sanctions under Washington's “Economic Outcast” programme. US President Donald Trump's administration has warned countries and companies continuing…
The US has imposed sanctions on the Iraq Development Bank (IDB) and 10 other entities and 16 individuals, citing their relations with Iran. This move is part of the US administration's "Economic Outcast" programme, which aims to sever Iran's economic lifelines and force the regime to reopen the Strait of Hormuz. The IDB is accused of abusing the now-dissolved dollar wire auction and maintaining ties with Iran government entities and militia groups in Iraq.
This sanction comes as Iraqi Prime Minister Ali Al Zaidi has sought to work with US authorities on the country's banking sector, which has been plagued by corruption. The US holds significant influence over Baghdad's financial policies due to its control over international oil revenue held at the Federal Reserve Bank of New York.
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