16 October 2026 Punjab Khabarnama Bureau : The United States has announced fresh sanctions targeting 16 individuals and 10 entities accused of helping Iran access international financial networks, evade existing restrictions and move money linked to its oil industry and military activities. The measures were announced by the US Department of the Treasury on October 15, 2026, as Washington continues to increase economic pressure on Tehran.
US Treasury Secretary Scott Bessent defended the latest action, saying the administration would continue targeting the financial channels that Washington believes help Iran sustain its military and regional activities.
“The noose is tightening around Iran’s economy, and not even Iran’s so-called allies can save it,” Bessent said.
The sanctions form part of Operation Economic Outcast, an initiative announced in August 2026 to disrupt Iran’s alleged sanctions-evasion networks, oil revenue channels and shadow-banking operations. The Treasury Department says the latest measures target financial institutions, offshore companies, oil intermediaries and foreign-exchange networks operating across several countries.
Iraqi Bank Accused of Providing Financial Access to Iran
One of the main targets is Iraq-based International Development Bank for Investment and Finance, also known as Iraq Development Bank. The US Treasury Department alleges that the bank provided financial services and access to US dollars for Iranian interests.
According to the department, the institution maintained connections with Iranian government entities and Iran-aligned armed groups in Iraq. US officials also alleged that the bank used Iranian capital to conduct business and transferred profits back to Iran in US dollars.
The Treasury Department further alleged that the bank’s ownership and operations were connected to Iranian financial interests and individuals linked to Iran’s Islamic Revolutionary Guard Corps-Quds Force. These claims form part of the US government’s stated basis for imposing sanctions on the institution.
The move is significant because access to international banking and dollar transactions is an important channel for cross-border trade. Washington has warned that financial institutions helping Iran circumvent US sanctions could face restrictions that limit their ability to conduct transactions involving the American financial system.
The sanctions announcement does not, by itself, establish criminal guilt. The allegations against the designated institutions and individuals reflect the US government’s assessment and may be disputed by those affected.
Cuban Bank and Offshore Financial Networks Also Targeted
The latest measures also affect Cuba-based Banco Internacional de Comercio S.A. (BICSA). The US Department of State announced a separate designation against the bank under an executive order relating to Cuba’s financial sector.
Washington alleges that BICSA provided services to Iran-based Karafarin Bank, which has been under US sanctions since 2020, dating back to at least 2022. US officials say the action is intended to restrict financial connections that could help Iranian institutions maintain access to international transactions.
Cuba has rejected the US approach. Cuban Foreign Minister Bruno Rodríguez condemned the sanctions and defended BICSA’s operations, describing the American action as illegitimate. The disagreement highlights how Washington’s measures against Iran-related financial networks can also affect institutions based in other countries.