Canada reimposes sanctions on 11 Iranian companies and banks

PARIS — The Canadian government has announced the reimposition of economic sanctions on 11 Iranian institutions operating in the oil, energy, banking and insurance sectors. The measures are aimed at restricting financing and technology that Ottawa says could support Iran's nuclear program and the development of ballistic missiles.

The announcement was made Tuesday by Foreign Affairs Minister Anita Anand, as foreign ministers of the Group of Seven (G7) countries met in the French capital, Paris.

The targeted institutions had been removed from Canada's sanctions list in 2016, following the Iran nuclear deal, before Ottawa decided to list them again in November 2026.

Oil companies and major banks on the list

The new list includes the National Iranian Oil Company and the National Iranian Tanker Company, along with Kala Naft and Naftiran Intertrade.

It also includes Bank Mellat, Bank Melli Iran, the Bank of Industry and Mine and the Export Development Bank of Iran, as well as the Iran Insurance Company.

The sanctions also target the Nuclear Fuel Production and Procurement Company and the Nuclear Reactor Fuel Company, bringing the total number of listed entities to 11.

Global Affairs Canada said the institutions were relisted because of their links, according to the government's assessment, to sensitive nuclear activities, to the missile program or to financing networks that Ottawa considers harmful to international security.

What do the new sanctions mean in practice?

The institutions are subject to the special economic measures rules imposed on Iran, which prohibit individuals and companies in Canada, as well as Canadians outside the country, from carrying out financial transactions or dealing in specified property with the listed entities.

The measures are intended to narrow these institutions' ability to access sources of financing and sensitive technologies.

The step is not a blanket ban on all commercial transactions with Iran. It targets specific entities in line with the announced legal restrictions.

Canadian financial institutions and companies must verify the parties they deal with to ensure compliance with the sanctions and avoid any prohibited transactions.

Why did Canada lift the sanctions in 2016?

The background to the decision goes back to the nuclear agreement concluded in 2015 between Iran and world powers, which placed limits on Iran's nuclear activities in exchange for the easing of economic sanctions.

In January 2016, the International Atomic Energy Agency (IAEA) announced that Iran had taken steps to implement its commitments, which led Canada to ease some of its sanctions in February of that year.

However, Ottawa says subsequent developments, particularly reduced cooperation with the IAEA, have raised new concerns about the nature of Iran's nuclear program.

In June 2025, the IAEA's Board of Governors adopted a resolution finding that Iran had not met its nuclear safeguards obligations, before monitoring and inspection activities declined further.

Anita Anand: Iran must not have a nuclear weapon

Foreign Affairs Minister Anita Anand said Canada's position is clear on preventing Iran from obtaining a nuclear weapon.

She added that Canada will continue to work with its G7 partners and the international community toward a comprehensive, verifiable and lasting agreement that addresses concerns related to the nuclear program.

Global Affairs Canada stressed the need for a resumption of full cooperation with the IAEA and a return to negotiations.

For its part, Tehran has maintained for years that its nuclear program is for peaceful purposes, and it rejects accusations that it is seeking to produce nuclear weapons.

25 rounds of Canadian sanctions against Iran

Global Affairs Canada said that since 2010, Canada has imposed sanctions on more than 500 Iranian individuals and entities under various laws.

With the new announcement, the number of related Canadian sanctions rounds has reached 25, covering 237 individuals and 276 Iranian entities, according to the government's tally.

The step is part of broader coordination with Canada's G7 partners, amid continuing international disagreement over Iran's nuclear program and how it should be monitored.