U.S. Sanctions Iraqi Bank and Iran’s Shadow-Finance Network

U.S. Treasury sanctioned 16 people and 10 entities on October 15 in a new action against Iran’s international financial networks. The targets include Baghdad’s International Development Bank for Investment and Finance, which Treasury says provided Iran with financial services and access to U.S. dollars and maintained ties to Iran-aligned militias. Iranian offshore banks Jazireh and Chabahar were also designated. Treasury also targeted Dubai-based oil intermediary Sayyed Ruhollah Razavi and companies it says moved Iranian oil proceeds through Hong Kong, the United Arab Emirates and Türkiye. The department says these channels support Iran’s military and terrorist proxies.