US Treasury Adds Secondary Sanctions Warnings to Iraqi Banks and Oil Entities

Key Facts

The US Treasury added secondary sanctions warnings to the International Development Bank and the Islamic Regional Cooperation Bank in Baghdad. Shafaq News reported that the new warnings also included Iraqi individuals and oil entities such as VS Oil Terminal and VS Tankers, as part of US efforts to curb illicit financial flows and enforce compliance within the banking and oil trade sectors.

The move follows the prior designation of the International Development Bank on October 15 for allegedly providing Iran access to US dollars, which led the Central Bank of Iraq to bar it from dollar transactions. The updated listings include individuals linked to trade networks and entities such as VS Oil Terminal, based at the Khor Al-Zubair port in Basra, and VS Tankers, also known as Al Iraqia Shipping Services.