WASHINGTON: The US has removed sanctions on an Iraqi bank that was blacklisted last year for helping Iran skirt international financial controls over its nuclear activities.
The US Treasury said it removed the sanctions placed last July on Baghdad-based Elaf Islamic Bank after Elaf acted to freeze assets of the Export Development Bank of Iran and cut its exposure to Iran’s financial system.
The sanctions, part of the US effort to isolate Iran from the global economy over its alleged nuclear weapons program, had banned Elaf from any access to the US financial system.
At the time the Treasury said Elaf had knowingly facilitated financial transactions for the EDBI, on which both the US and European Union have placed strict controls for its role in financing the government in Tehran.
“Today we welcome Elaf Islamic Bank back into the US financial system, and we urge other designated individuals and entities around the world to follow its positive example,” said Treasury Under Secretary for Terrorism and Financial Intelligence David Cohen.
“As today’s delisting demonstrates, our sanctions are flexible and can be lifted if the conduct that led to the sanction terminates,” he said in a statement.
On Wednesday, Cohen told a US Senate committee that the sanctions on Iran were having an impact, slashing its oil export receipts by $ 3-5 billion a month, fueling inflation and sharply devaluing the Iranian rial.
Cohen said the US plans to block the sale of gold to Iranians, whether the government or individuals, from July 1, and has already pressed Turkey and the UAE — both gold-trading centers — to implement the measure.
Washington expects that choking off the supply of gold to Iranians will further deflate the currency and undermine the regime.
“They are dumping their rials to buy gold as a way to try to preserve their wealth. That is I think an indication that they recognize that the value of their currency is declining,” he told lawmakers.
US removes Iraqi bank from Iran sanctions list
US removes Iraqi bank from Iran sanctions list
Saudi Cultural Development Fund signs credit facility agreements to support 5 establishments worth over $16.7m
RIYADH: The Saudi Cultural Development Fund has signed five credit facility agreements under its “Cultural Financing” program, totaling over SR63 million ($16.7 million), to finance several cultural projects.
This took place during the Development Finance Conference Momentum 2025, organized by the National Development Fund at the King Abdulaziz International Conference Center in Riyadh.
These facilities aim to support the growth of a distinguished group of cultural projects targeting four sub-sectors: architecture and design, theater and performing arts, music, and visual arts.
These undertakings focus on several areas, including supporting the infrastructure of cultural sectors, such as establishing a music institute and a creative complex, in addition to providing support services and developing national talents and expertise.
It is worth noting that among the projects included in these credit facilities is the “Sifr Creative Group,” an innovative cultural destination that embraces creative individuals and provides a comprehensive environment for production and development.
The complex contributes to strengthening the cultural infrastructure through an integrated system that supports creative work and programs dedicated to empowering talent and the sector, serving as a platform that enriches the cultural landscape and opens broader horizons for innovation and local production
The Cultural Development Fund signed these credit facilities as part of its role as a center for financial empowerment in the cultural sector. The initiative supports micro, small, and medium enterprises to help diversify the national economy, develop cultural talent, and enhance quality of life in line with the Kingdom’s Vision 2030 and the Sustainable Development Goals.
The signing of these credit facilities by the Cultural Development Fund comes within its role as a center of excellence and financial empowerment in the cultural sector. This initiative also forms part of the fund’s broader efforts to support micro, small, and medium enterprises, to enhance their role in diversifying the national economy, developing cultural talent, and raising the quality of life; contributing to achieving the Sustainable Development Goals under the umbrella of the Kingdom’s Vision 2030.
