US announces Iran-related sanctions on 16 people and 10 entities
The National identified Iraq Development Bank among the targets and reported Treasury’s allegations about its ties to Iran.
The US announced Iran-related sanctions on 15 October targeting 16 individuals and 10 entities, Reuters reported, citing a Treasury Department notice. The National identified Iraq Development Bank among the targets, bringing a bank already barred from US dollar transactions into the latest US action against alleged Iran-linked financial activity.
Why Treasury targeted Iraq Development Bank
The National reported that Treasury linked the designation to Iraq Development Bank’s relations with Iran. According to the outlet, Treasury alleged that the bank had abused a dollar wire auction that has since been dissolved and maintained ties to Iranian government entities and militia groups in Iraq. Those assertions are Treasury’s account of the bank’s conduct.
Treasury described the sanctions as an effort to target sources of Iranian government revenue and schemes to evade restrictions, The National reported. The outlet said the action was part of Washington’s “Economic Outcast” programme. Treasury Secretary Scott Bessent described the measures in terms of pressure on Iran’s economy and its allies, according to The National.
Iraqi banks’ access to US dollars
Iraq barred Iraq Development Bank and seven other local commercial banks from US dollar transactions in 2024, The National reported. The restriction predates the new sanctions. The outlet said dozens of Iraqi banks had been cut off from dollar transactions for years amid concerns about sanctions evasion, money laundering and illicit finance.
Iraq’s international oil revenue is held at the Federal Reserve Bank of New York, giving the US significant influence over Baghdad’s financial policies, according to The National. That arrangement helps explain why access to dollar transactions is a consequential issue for Iraqi banks and officials as they deal with US restrictions.
In July, Treasury’s Office of Terrorism and Financial Intelligence outlined a phased plan for potentially restoring restricted Iraqi banks’ access to the US dollar system, The National reported. It involved reforms by the Central Bank of Iraq and requirements for individual banks covering audits, investors and compliance. Treasury said at the time that no banned bank had regained access to foreign-currency transactions.
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Sources and context
- US issues fresh Iran-related sanctions, Treasury website showsReuters, republished by Al-Monitor
- US imposes Iran-related sanctions on Iraq Development BankThe National
AI-assisted article checked against the listed sources. NewsJaws did not conduct interviews or attend the reported events.