Washington widens its Iran sanctions to offshore banks and oil networks

What's new

The US Treasury added 16 Iranian nationals and a set of banks, exchange houses and companies in Iran, Iraq and Hong Kong to its sanctions list on Oct 15. It is the latest step in the pressure campaign it calls Operation Economic Outcast.

Banks on the new list

• Jazira International Bank
• Chabahar International Bank
• International Development Bank, Iraq
• Banco Internacional de Comercio, Cuba

Two offshore banks linked to Iran's Bank Mellat and Bank Shahr are on the list, along with an Iraqi bank that the Treasury says gave Iran access to US dollars. Washington also targeted a Cuban bank over its ties to Iran's Karafarin Bank.

The Treasury named a Dubai-based man as a key go-between in Iran's oil sales, moving revenue through Hong Kong, the UAE and Turkey as cash and gold. Exchange houses that moved hundreds of millions of dollars were also listed.

"The economic siege around the Islamic Republic is tightening, and even its so-called allies cannot save it."

— Scott Bessent, US treasury secretary

Cuba's foreign minister, Bruno Rodriguez, called the move aggressive and said the sanctioned bank is absolutely legitimate.