Canada Reimposes Sanctions on 11 Iranian Entities, Including National Oil Company and Major Banks

PARIS (Terror Monitor) — Canada has reimposed sanctions on 11 Iranian companies and financial institutions operating in the energy, banking and nuclear sectors, accusing them of contributing to Iran's nuclear activities, ballistic missile programme and the financing of activities considered a threat to international security.

Canadian Foreign Minister Anita Anand announced the decision on Tuesday, November 10, during the Group of Seven (G7) foreign ministers' meeting in Paris.

According to a statement issued by Global Affairs Canada, the targeted entities had previously been removed from Canada's sanctions list in 2016 following Iran's progress under the 2015 Joint Comprehensive Plan of Action (JCPOA), commonly known as the Iran nuclear deal.

The newly reinstated sanctions target several major Iranian institutions, including the National Iranian Oil Company (NIOC), Bank Mellat and Bank Melli Iran.

Other entities included in the sanctions list are the Nuclear Fuel Production and Procurement Company, Nuclear Reactors Fuel Company, Kala Naft, Naftiran Intertrade Company, National Iranian Tanker Company, Bank of Industry and Mine, Export Development Bank of Iran and Iran Insurance Company.

Ottawa said the measures are intended to disrupt Iranian financial networks allegedly used to support the country's nuclear programme and restrict the targeted institutions' access to sensitive technologies and international sources of funding.

Canada cites concerns over Iran's nuclear programme

In its announcement, the Canadian government said the sanctions had originally been lifted in February 2016 after the International Atomic Energy Agency (IAEA) confirmed that Iran had permitted verification activities and taken steps to restrict its nuclear programme in accordance with the JCPOA.

However, Canada said Iran's subsequent failures to cooperate fully with the UN nuclear watchdog had raised renewed concerns about its nuclear activities.

The Canadian Foreign Ministry also referred to the reinstatement of United Nations nuclear-related sanctions in September 2025 following the activation of the JCPOA's snapback mechanism by France, Germany and the United Kingdom.

The mechanism was triggered after the three European countries accused Tehran of failing to fulfil its nuclear commitments.

Canada said the latest measures were consistent with efforts by its international partners to prevent Iran from obtaining nuclear weapons and to restrict the financing and development of proliferation-sensitive technologies.

Foreign Minister Anita Anand said Canada remained committed to working with its international partners towards a comprehensive, verifiable and lasting agreement addressing Iran's nuclear programme.

"Canada's position is unequivocal: Iran must never be allowed to obtain a nuclear weapon," Anand said in a statement.

She added that Ottawa would continue working with G7 partners and the wider international community to strengthen regional and international security.