The US Department of the Treasury has added 16 individuals and 10 entities linked to Iran to its sanctions list as part of efforts aimed at blocking Iran’s access to the international financial system.

In a statement, the Department noted that under the “Economic Exclusion Operation,” Iran’s attempts to “infiltrate” the international financial system were targeted. The sanctions also include the Iraq-based International Development Bank for Investment and Finance (IDB), which is said to provide Iran with financial intermediation services and access to the US dollar.

The statement recorded that the IDB was added to the sanctions list on the grounds of operating in the financial sector of the Iranian economy.

Targeting the financial networks Iran uses to repatriate its oil sales revenues, the statement indicated that because the Tehran administration is subject to US sanctions, it utilizes shadow banking networks operating in multiple countries to generate income and transfer money abroad.

The statement also mentioned that the US Department of State simultaneously sanctioned the Cuba-based Banco Internacional de Comercio S.A. (BICSA) for operating, or having operated, in the financial services sector of the Cuban economy.

According to the Department’s statement, BICSA has provided services to the sanctioned Iran-based Karafarin Bank since at least 2022.

Meanwhile, in a separate statement from the US Department of the Treasury, it was announced that the Financial Crimes Enforcement Network (FinCEN) issued an alert urging financial institutions to report suspicious transactions regarding the Iranian regime’s potential exploitation of religious charity networks.