U.S. Targets Cuban Bank Under Iran Allegations

Secretary of State Marco Rubio sanctioned Cuba’s state-owned Banco Internacional de Comercio (BICSA) today, accusing it of providing financial services to Iran's Karafarin Bank, which has been under U.S. sanctions since 2020.

Rubio used the announcement to repeat his familiar, sweeping accusation that Cuba serves as a haven for foreign military, intelligence and terrorist operations targeting the U.S.—a claim for which he has provided no credible evidence. He has previously made similarly unsubstantiated allegations that Cuba hosts Chinese and Russian spy bases.

The State Department did not specify what financial services BICSA allegedly provided to its Iranian counterpart, nor offer evidence linking the Cuban bank to terrorism.

Instead, BICSA was added to a blacklist created by May 1 executive order that threatens “secondary sanctions” against foreign businesses dealing with designated Cuban entities.

The sanctions prohibit U.S. banks and other businesses from dealing with BICSA and require them to freeze any assets belonging to the Cuban bank. Foreign banks risk penalties for continuing to do business with BICSA, even if their transactions have nothing to do with Iran.

BICSA is not the first Cuban bank in Rubio's crosshairs. The Trump administration sanctioned Banco Financiero Internacional in June and Banco Exterior de Cuba in September.

Last month, the administration also cut off a major route for Cuba-related payments between foreign countries and ordered U.S. banks to freeze accounts held by Cuban private entrepreneurs.