The United States has imposed sanctions on Cuba’s Banco Internacional de Comercio S.A. (BICSA) after allegations that the bank has ties to Iran’s Karafarin Bank. The move comes as part of Washington’s broader effort to curb Iranian financial networks and limit the reach of Iranian banking institutions abroad.
BICSA, a commercial bank operating in Cuba, was singled out by U.S. authorities for its alleged connections with Karafarin Bank, a state‑owned Iranian lender. The sanctions prohibit U.S. entities from conducting business with BICSA and restrict the bank’s access to the U.S. financial system.
While the U.S. has not released a detailed statement outlining the evidence behind the allegations, the action follows a pattern of sanctions targeting institutions that facilitate Iran’s international trade and finance.
According to the source, the sanctions were announced by the U.S. Treasury Department and are effective immediately. The move is expected to impact BICSA’s ability to engage in cross‑border transactions involving U.S. dollars.
For more details, see the original report from Punch Nigeria: https://punchng.com/us-sanctions-cuban-bank-accused-of-ties-to-iran-bank/.
<small>Source: Punch Nigeria — read the original story there.</small>