US expands sanctions against Iran, targets Cuban and Iraqi banks

The United States has expanded sanctions against Iran, adding one Cuban bank, 10 other legal entities and 16 individuals to its restrictive lists.

According to Report, the move was announced by the US Treasury Department's Office of Foreign Assets Control (OFAC).

According to a statement by US Secretary of State Marco Rubio, Cuba's Banco Internacional de Comercio, S.A. was sanctioned over allegations that it provided financial services to Iranian banks.

The restrictions also apply to companies and financial institutions registered in Iran, Iraq and Hong Kong. In particular, Iraq's International Development Bank (IDB) was added to the sanctions list.

All 16 individuals targeted by the new restrictions are Iranian nationals.

In addition, the US Treasury issued a general license authorizing transactions necessary to wind down operations involving IDB through October 30.

Inclusion on US sanctions lists generally entails the freezing of assets under US jurisdiction and prohibits US citizens and companies from conducting business with the designated parties.