U.S. Sanctions Cuban State Bank BICSA Over Alleged Services to Iran’s Karafarin Bank
BICSA sanctions announced on Thursday, October 15, 2026, place Cuba’s state-owned Banco Internacional de Comercio S.A. on a U.S. blocking list. Washington accuses the bank of serving an Iranian lender that was already under American sanctions. The State Department says BICSA has provided services to Iran’s Karafarin Bank since at least 2022. The Treasury Department sanctioned Karafarin in 2020.
Secretary of State Marco Rubio announced the designation in a statement. The department relied on Executive Order 14404, which allows sanctions on those operating in Cuba’s financial services sector. It timed the move with a separate Treasury action against Iranian financial networks.
What the BICSA sanctions do
The designation adds BICSA to the Treasury Department’s list of blocked persons...