US sanctions 27 people and entities under Iran, Cuba programs

WASHINGTON, Oct. 15, 2026 — The United States added 27 people and entities to its sanctions list, including banks in Iraq and Cuba, while providing limited wind-down arrangements for dealings involving those banks.

The Treasury Department’s Office of Foreign Assets Control added 16 individuals and 10 entities under its Iran-related Executive Order 13902 authority. It separately designated Banco Internacional de Comercio S.A., known as BICSA, under Cuba-related Executive Order 14404. OFAC also replaced two licenses covering certain Lukoil operations outside Russia with authorizations running through April 24, 2027.

Among the Iran-related additions was International Development Bank for Investment and Finance, also known as Iraq Development Bank, in Baghdad. General License FF authorizes transactions otherwise prohibited by the Iranian Transactions and Sanctions Regulations that are ordinarily necessary to wind down dealings involving the bank or entities it owns, directly or indirectly, by 50% or more.

That authorization runs through 12:01 a.m. Eastern Daylight Time on Oct. 30, 2026. Payments to blocked persons must go into blocked accounts. The license does not authorize otherwise prohibited transactions involving other blocked persons unless separately authorized.

The other financial institutions added under the Iran authority included Chabahar International Bank Overseas Company and Jazireh International Bank Company, both in Iran. The additions also included four Iranian entities classified as conducting other monetary intermediation, along with other businesses in Iran and Hong Kong. OFAC marked all 16 individuals and eight of the 10 Iran-related entities as subject to secondary sanctions.

For Cuba’s BICSA, OFAC outlined a different wind-down approach in FAQ 1276. The U.S. government does not intend to target foreign persons, including foreign financial institutions, under Executive Order 14404 for transactions ordinarily necessary to divest from or wind down dealings involving BICSA or its entities owned 50% or more, through Nov. 14, 2026.

That non-targeting policy is not an authorization for persons subject to U.S. jurisdiction. OFAC said they remain prohibited from transactions involving BICSA, including participation in a foreign person’s wind-down activities, unless separately authorized. It also warned that returning assets to a sanctioned party, or transferring them elsewhere for its potential use, could expose foreign persons to sanctions risk.

Separately, General License 128D permits transactions necessary to purchase goods and services from, or maintain, operate or wind down, physical retail service stations outside Russia involving Lukoil International GmbH and entities it owns by 50% or more. Those include Lukoil North America LLC and Lukoil Americas Corporation. The license allows their blocked accounts to be used for authorized transactions but prohibits transferring funds to any person or account in Russia.

General License 130B authorizes transactions involving Lukoil Neftohim Burgas JSC, Lukoil Bulgaria EOOD, Lukoil Aviation Bulgaria EOOD and Lukoil Bulgaria Bunker EOOD, along with entities they own, individually or collectively, by 50% or more. It does not authorize otherwise prohibited dealings with other blocked persons, including other blocked Lukoil affiliates.

Both replacement licenses took effect Oct. 15 and expire at 12:01 a.m. Eastern Daylight Time on April 24, 2027. They supersede General Licenses 128C and 130A, respectively.

In FAQ 1225, OFAC distinguished the retail-station permission from the broader, existing General License 131J for Lukoil International entities, which expires Oct. 22, 2026. The guidance says authorized ordinary business can include fuel supplies, payroll, insurance and maintenance, subject to each license’s scope and restrictions. Both Lukoil International licenses bar transfers of funds to persons or accounts in Russia.