The US Treasury Department announced new sanctions on Thursday targeting an Iraqi bank, Iranian offshore banks, currency exchange houses and individuals accused of helping Iran evade sanctions and finance its military and regional allies.

Axar.az reports, citing the Treasury Department, that the measures were imposed under Operation Economic Outcast, a campaign aimed at disrupting Iran’s international financial networks and shadow banking operations.

The sanctions target Iraq-based International Development Bank for Investment and Finance (IDB), which Washington accuses of providing Iran with access to US dollars and facilitating financial transactions linked to Iranian government entities and Iran-aligned armed groups in Iraq.

Among those designated is Iranian national Sayyed Ruhollah Razavi, whom the Treasury Department accused of facilitating Iranian oil sales and transferring revenues through clandestine financial networks.

The measures also target two Iranian offshore banks, Jazireh International Bank Company and Chabahar International Bank Overseas Company, as well as several currency exchange businesses, financial intermediaries and individuals.

Separately, the US State Department designated Cuba-based Banco Internacional de Comercio S.A. (BICSA), citing its provision of services to Iran-based Karafarin Bank since at least 2022.

US Treasury Secretary Scott Bessent said the department would continue targeting financial channels that Washington says help Iran fund its military and regional proxy groups.