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US Sanctions Cuban Bank for Ties to Iran's Karafarin Bank

US Sanctions Cuban Bank for Ties to Iran's Karafarin Bank

First seen 17 Oct 2026, 16:47 UTC • •
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ThreatCluster AI
ThreatCluster •October 18, 2026 at 09:08 UTC
  • •The U.S. sanctioned BICSA for its ties to Iran's Karafarin Bank.
  • •The sanctions complicate trade and investment in Cuba, affecting many businesses.
  • •Foreign entities must cut ties with BICSA by November 14 to avoid sanctions.

On October 15, 2026, the U.S. imposed sanctions on Banco Internacional de Comercio S.A. (BICSA), a Cuban state bank, for its business dealings with Iran's Karafarin Bank, which has been under U.S. sanctions since 2020. The sanctions were announced by Secretary of State Marco Rubio, who stated that Cuba has been a host for malign actors, including Iran, labeled as the world's top state sponsor of terrorism. The sanctions complicate foreign investment in Cuba, affecting U.S. companies and foreign entities that have accounts with BICSA. The Treasury Department has warned that foreign businesses must sever ties with BICSA by November 14, 2026, or risk facing sanctions themselves. The sanctions freeze any assets BICSA holds in the U.S. or that are owned by Americans. Cuban Foreign Minister Bruno Rodriguez condemned the sanctions as aggressive, asserting BICSA's legitimacy. The sanctions are part of a broader U.S. strategy to counter perceived threats from Cuba and Iran.

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Timeline

2026-10-15
U.S. sanctions BICSA
The U.S. Treasury announced sanctions on Banco Internacional de Comercio S.A. for its dealings with Iran's Karafarin Bank.
Miamiherald
2026-10-15
Cuban Foreign Minister reacts
Bruno Rodriguez condemned the sanctions, calling BICSA a legitimate bank and criticizing U.S. aggression.
Africanews

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Common questions

What are the implications of the sanctions?
The sanctions complicate trade and foreign investment in Cuba, affecting businesses that rely on BICSA for transactions.
What is the deadline for foreign companies?
Foreign companies have until November 14, 2026, to sever ties with BICSA to avoid potential sanctions.
How has Cuba responded to the sanctions?
Cuban officials, including Foreign Minister Bruno Rodriguez, have condemned the sanctions as aggressive and unjustified.