US Sanctions Cuban Bank Over Alleged Iran Ties

The United States designated Cuba’s Banco Internacional de Comercio, known as BICSA, for sanctions on October 15, citing its alleged services to Iran’s Karafarin Bank since at least 2022, according to the U.S. Treasury Department. The designation was part of a broader Iran-related sanctions round. Treasury said BICSA was included because it had provided services to Karafarin, which Washington sanctioned in 2020. The department did not specify what services BICSA provided, or identify the transactions or accounts involved. The allegation rests on the U.S. government’s account; the materials reviewed do not include transaction records or independent verification. The U.S. action blocks BICSA assets under U.S. jurisdiction and bars U.S. persons from dealing with the bank. Treasury said the designation was coordinated with the State Department. The measures were announced alongside sanctions on Iraq’s International Development Bank for Investment and Finance, which the U.S. government accused of facilitating Iranian access to U.S. dollars, as well as other entities linked to Iran. Cuban Foreign Minister Bruno Rodríguez rejected the characterization of BICSA’s activity, calling the...