Ottawa Targets 11 Iranian Firms
Canada reinstates sanctions on energy and banking entities as the 25th wave of measures against Tehran.
By Marta Gray ·
The Canadian government has placed 11 Iranian energy and financial organizations back on its sanctions list. Foreign Affairs Minister Anita Anand confirmed the decision on Tuesday, citing Iran's failure to meet its promises on its nuclear program, ballistic missile development, and regional violence. She stated that Canada's position is clear: Iran must never acquire a nuclear weapon.
The entities targeted were removed from the list in 2016. At that time, officials recognized Tehran's efforts to keep its nuclear activities peaceful. That status changed in June 2025 when the International Atomic Energy Agency reported that Iran was no longer complying with its obligations under the Nuclear Non-Proliferation Treaty.
Tensions rose after the United States and Israel launched attacks on Iran in February. Tehran responded by suspending all cooperation with the IAEA. This move stopped the agency from effectively monitoring Iran's nuclear activities. The federal government said the new sanctions aim to disrupt the financial networks that support the Iranian nuclear program.
Global Affairs Canada noted that the measures also target contributions to the regime's ballistic missile program. The department described the entities as financing malign activities. The list includes major state-backed organizations such as the Nuclear Fuel Production and Procurement Company and the Nuclear Reactors Fuel Company.
Energy giants on the list include Kala Naft, the Naftiran Intertrade Company, the National Iranian Oil Company, and the National Iranian Tanker Company. The financial sector is heavily represented. Sanctions apply to Bank Mellat, Bank Melli Iran, the Bank of Industry and Mine, and the Export Development Bank of Iran. The Iran Insurance Company is the final entity targeted.
Under the new rules, individuals in Canada and Canadians abroad cannot engage in financial or property transactions with these 11 entities. This announcement marks the 25th round of sanctions against the Iranian regime. The government said the measures now target a total of 237 Iranian citizens and 276 Iranian organizations.
