US Sanctions Cuba's BICSA Over Iran Ties in October

On October 15, the United States imposed sanctions against Cuba's Banco Internacional de Comercio S.A. (BICSA) due to its alleged ties with Iran's Karafarin Bank, which has been under sanctions since 2020. The US government claims that BICSA has maintained connections with Karafarin Bank since at least 2022.

Secretary of State Marco Rubio stated that Cuba has been allowed to operate as a base for malign actors, including Iran, which he labeled as the world's leading state sponsor of terrorism. In response, Cuban Foreign Minister Bruno Rodriguez criticized the sanctions as aggressive, asserting that BICSA is a legitimate bank conducting lawful transactions.

He accused the US of attempting to impose collective punishment on the Cuban people and damaging the Cuban economy. The sanctions are part of a broader strategy by the US to increase economic pressure on Iran.

On the same day, additional sanctions were also imposed on the Iraq-based International Development Bank for Investment and Finance and several Iranian banks and individuals.