White House / President·Sanctions
Treasury hits Iran shadow banks; State designates Cuban bank BICSA for Iran ties
The Treasury Department on Thursday announced new Operation Economic Outcast designations targeting Iran's international financial networks, including Iraq-based International Development Bank for Investment and Finance for providing U.S. dollar access to Iran, Iranian "offshore" banks, oil intermediary Sayyed Ruhollah Razavi, and a web of exchange houses and front companies. Treasury Secretary Scott Bessent said "the noose is tightening around Iran's economy" and that Treasury "will not relent until the Iranian regime's coffers are empty." In coordination, the State Department designated Cuba's state-owned Banco Internacional de Comercio S.A. (BICSA) under E.O. 14404 for operating in Cuba's financial services sector; Treasury said BICSA has provided services to designated Iran-based Karafarin Bank since at least 2022.
- U.S. Department of the TreasuryOperation Economic Outcast Targets Iran's International Financial Networks and Shadow Banking Architecture
- Fox NewsRubio targets major Cuban bank over financial ties to sanctioned Iranian entities
- Office of Foreign Assets ControlIran-related Designations; Cuba Designation (Oct. 15, 2026)