The US Treasury Department imposed sanctions on Iran-linked banks, companies and individuals on October 15, 2026, as part of Operation Economic Outcast. The department said the measures are intended to stop sanctions evasion, restrict Iran’s access to foreign currency and limit funding for its military structures and regional groups. The action was taken under Executive Order 13902.
The list includes Iraq-based International Development Bank for Investment and Finance (IDB). According to the Treasury Department, the bank provided Iran with financial services and access to US dollars and maintained links with Iranian government entities and Iran-linked armed groups in Iraq. Iranian offshore banks Jazireh International Bank Company and Chabahar International Bank Overseas Company were also designated.
The United States sanctioned Iranian oil sales intermediary Sayyed Ruhollah Razavi and two companies linked to him: Tejarat Gostar Atlas Parsian Kish Company and Farzanegan Energy Pars Company. The Treasury Department alleges that Razavi helped sell Iranian oil and return proceeds to Iran through a network of front companies, cash couriers and gold couriers. It said funds moved through Hong Kong, the UAE and Turkey.
The sanctions list also names seven employees of Farab Sorough Qeshm Company (FSAQ), which is linked to Shahr Bank, and Hong Kong-based Elitesphere Trading Co., Limited. The United States also designated several Iranian exchange firms, their owners and intermediaries whom the Treasury Department accuses of transferring funds for Iranian banks and oil companies. They include Sadegh Bavi, Seyyed Abbas Hosseini Parsa, Khaled Mohiesnejad, Sorush Najafzadeh, Soheil Najafzadeh and Abolhassan Jalali.
Separately, the US State Department imposed restrictions on Cuba’s Banco Internacional de Comercio S.A. (BICSA). The department said the bank had provided services to sanctioned Iranian Karafarin Bank since 2022.
Assets belonging to designated individuals and entities in the United States or under the control of US persons are blocked. US persons are prohibited from dealing in their property unless authorized by the Office of Foreign Assets Control (OFAC). Restrictions may also apply to companies in which blocked persons hold a 50% or greater interest, directly or indirectly. Foreign financial institutions may face secondary sanctions for significant transactions on behalf of designated persons.
Treasury Secretary Scott Bessent announced Operation Economic Outcast on August 24, 2026. The department said the United States would continue identifying financial channels Iran uses to evade sanctions, sell oil and transfer funds abroad.
