Shafaq News- Baghdad

Iraq's International Development Bank for Investment and Finance (IDB) on Friday rejected US Treasury allegations that it helped Iran access US dollars, a day after Washington sanctioned the bank.

In a statement, the IDB said it was ready to cooperate with the Central Bank of Iraq (CBI) and the US Treasury through official and legal channels to clarify the facts, defend its reputation, and protect the rights of those involved.

Management also cautioned against linking the US measures to the bank's financial position or its ability to meet obligations.

“Protecting depositors and customers remains a priority,” according to the statement. The bank said it was coordinating with the CBI and relevant regulators to maintain permitted banking services and manage liquidity and financial obligations in accordance with existing laws.

The US Treasury sanctioned 16 individuals and 10 entities, including IDB, over alleged efforts to circumvent sanctions on Iran. The Treasury's Office of Foreign Assets Control (OFAC) also accused the bank of maintaining ties with Iranian government entities and Iran-aligned armed groups.