U.S. Sanctions Cuban Bank and Iranian Entities

The U.S. Treasury Department expanded its sanctions against Iran on October 15, 2026, targeting a network of financial facilitators. The Office of Foreign Assets Control added 16 Iranian citizens, 10 entities, and one Cuban bank, Banco Internacional de Comercio, SA, to its sanctions list.

U.S. officials targeted the Cuban bank for allegedly providing services to Iranian financial institutions. Other sanctioned entities are registered in Iran, Iraq, and Hong Kong. Among these is the Iraq-based International Development Bank. While the sanctions freeze assets within the United States and prohibit American citizens and companies from conducting business with the listed parties, the Treasury Department issued a general license to allow necessary transactions involving the International Development Bank to be completed through October 30.

Secretary of State Marco Rubio released a statement regarding the sanctions imposed on the Cuban bank as part of the broader effort to restrict Iranian financial networks.