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Iraq cuts ties with US sanctioned bank

The National reports:

Iraq’s central bank on Thursday cut ties with an Iraqi bank and its director after they were targeted by new US sanctions against entities linked to Iran.

Local media reported that the Central Bank of Iraq ordered the country's financial institutions to cease dealing with Al-Bilad Islamic Bank for Investment and Finance, and its CEO Aras Habib Karim, after they were added to a US Treasury sanctions list on Tuesday.

Mr Karim is also Secretary General of the Iraqi National Congress (INC) and ran in last week’s election allied with Prime Minister Haider Al Abadi’s Victory coalition. He spoke out after being added to the US sanctions list for allegedly helping provide support to designated terrorists, calling the designation politically motivated.

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