US announces new Iran-related sanctions targeting 16 people, 10 entities

Economic Times - Oct 16, 2026

The United States has imposed sanctions on 16 individuals and 10 entities connected to Iran's financial operations. US Treasury Secretary Scott Bessent stated that these measures target Iran's military funding sources and financial networks. The sanctions aim to dismantle offshore banks and shadow financiers aiding Iran's economy. Entities like the International Development Bank for Investment and Finance have been implicated in supporting Iranian activities.

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