By John Lee.
The US Department of the Treasury has sanctioned Iraq-based International Development Bank for Investment and Finance (IDB) as part of an operation targeting Iran's international financial networks.
According to the Treasury, IDB was designated under Executive Order 13902 for operating in the financial sector of the Iranian economy. The Treasury alleges that IDB was originally established by Iranian companies to support the Iranian economy and supply Iran with US dollars, and that it abused its access to the now-dissolved US dollar wire auction. It also alleges that IDB maintains ties to Iranian government entities and Iran-aligned militia groups in Iraq, and that profits are collected and remitted to Iran monthly in US dollars.
The Treasury further alleges that IDB's current leadership received ownership of the bank from a dual Iranian-Iraqi financier said to have worked for the US-designated Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), and that this individual continues to exert influence over the bank through family connections.
The Treasury also states that US-designated Bank Melli, formerly located adjacent to IDB in Iraq, transferred its capital to IDB after closing due to US sanctions.
Secretary of the Treasury Scott Bessent (pictured) commented:
"The Department of the Treasury will not relent until the Iranian regime's coffers are empty and every remaining financial lifeline sustaining its war machine has been severed."
Click here to read the announcement.
(Source: US Department of the Treasury)
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