The Iraq Development Bank, among dozens of other targets, was hit with sanctions by the US on Thursday for its relations with Iran, the Treasury Department said in a statement.The bank was one of 10 entities and 16 people hit in the latest round of sanctions under Washington's “Economic Outcast” programme. US President Donald Trump's administration has warned countries and companies continuing to do business with Iran would face significant consequences.“Working with partners across the US government, the European Union, the United Kingdom, Gulf partners, and others, Treasury is targeting any source of the regime’s illicit revenue, as well as its sanctions evasion schemes to move funds,” the department said.Treasury has previously imposed sanctions on banks in Turkey and a Bank Melli branch in the UAE, among others. The UAE Central Bank last month barred Bank Melli Iran from conducting any transactions between its UAE branches and Iran after an investigation.Mr Trump's administration has hoped its “Economic Outcast” programme would sever Iran's remaining economic lifelines and force the regime to reopen the Strait of Hormuz.“The noose is tightening around Iran’s economy, and not even Iran’s so-called allies can save it,” Treasury Secretary Scott Bessent said.Iraq in 2024 banned the IDB and seven other local commercial banks from engaging in US dollar transactions. The Treasury...
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