US sanctions Cuban, Iraqi banks over ties to Iran
WASHINGTON: The Trump administration has imposed sanctions on a Cuban state-owned bank and an Iraqi bank, accusing both of helping Iran access the global financial system. Secretary of State Marco Rubio designated Cuba’s Banco Internacional de Comercio S.A., known as BICSA , saying it has provided services since at least 2022 to Iran’s Karafarin Bank. The US sanctioned Karafarin in 2020.…
The Trump administration has imposed sanctions on Cuba's Banco Internacional de Comercio S.A. (BICSA) and Iraq's International Development Bank for Investment and Finance, alleging that both have facilitated transactions for Iran. Secretary of State Marco Rubio designated BICSA, accusing it of providing services to Iran's Karafarin Bank since at least 2022.
The US has also targeted two Iranian banks operating in free trade zones. These actions are part of Operation Economic Outcast, aimed at cutting off Iran's revenue sources. The sanctions freeze any BICSA assets under US jurisdiction and impose secondary sanctions on foreign banks and companies dealing with it.
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