Canadian sanctions against Iran are again targeted at 11 entities, including banks and large oil companies. The Minister of Foreign Affairs, Anita Anand, announced this restoration Tuesday, November 10, 2026 in Paris, at the meeting of the G7 Heads of Diplomacy. Ottawa blamed them for supporting sensitive nuclear activities, Iran’s ballistics program or their financing.
The decision returns to the Canadian list of organizations that were withdrawn in 2016, following the Iranian nuclear agreement. It concerns a regulatory amendment that came into force on November 5, five days before its public presentation. In doing so, Canada is seeking to further restrict funding and technology to the programs it designates.
Eleven entities registered again
The nuclear component includes Nuclear Fuel Production and Procurement Company and Nuclear Reactors Fuel Company. In the oil sector, sanctions affect Kala Naft, Naftiran Intertrade Company, the Iranian National Petroleum Company and the Iranian National Petroleum Company. The latter two are listed under their English names, the National Iranian Oil Company and the National Iranian Tanker Company.
Four banks complete the list: Bank Mellat, Bank Melli Iran, Bank of Industry and Mine and Export Development Bank of Iran. The insurer Iran Insurance Company is the eleventh entity. The text adds these organizations to numbers 242 to 252 in Part I of Schedule 1 to the Canadian Regulations.
The government presents reasons common to this set. Its announcement does not detail the transactions individually criticized by each bank or company. It links designations to nuclear proliferation, ballistic missiles and associated financial channels. These charges fall within the Canadian justification for the measures. Iran claims that its nuclear programme pursues peaceful objectives.
Canadian sanctions against Iran applicable since 5 November
The scheme is based on the Iran Special Economic Measures Regulations. The amendment is numbered SOR/2026-234. The text provides for its entry into force on the day of its registration. The Canadian Department states November 5, 2026 as the date of application. It also states that the provisions apply before they are published in the Canada Gazette.
Registration results in prohibitions of transactions which in practice constitute an asset freeze. They are binding on individuals in Canada and on Canadians abroad. The Regulation covers the property of designated entities, including those which they indirectly own or control, regardless of their location.
It prohibits, inter alia, transactions, facilitation and associated financial services. The provision of property to listed entities or their representatives is also subject to restrictions. The same applies to financial services rendered for their benefit. Permits may authorize certain operations on an exceptional basis.
The announcement does not mention the assets concerned or the trade flows that could be interrupted. It therefore does not allow immediate measurement of the economic effect of these re-registrations. Their legal scope is subject to Canadian law and to whom it applies.
Why Ottawa removed these names in 2016
The return of the eleven entities to the list refers to the relief after the July 2015 nuclear agreement. This agreement, known as JCPOA, associated Iran with six powers and the European Union. It provided for nuclear restrictions and enhanced verification in return for a relaxation of sanctions.
In January 2016, the International Atomic Energy Agency had confirmed the implementation of the commitments required at this stage. Canada then relaxed its own measures in February. The eleven now sanctioned organizations had benefited from this withdrawal. Ottawa, however, maintained restrictions on sensitive nuclear and missile assets.
The Canadian government now invokes Tehran’s insufficient cooperation with the IAEA. In particular, it recalls the resolution adopted by the Agency’s Governors in June 2025 on non-compliance with collateral obligations. He also mentioned the suspension of Iranian cooperation the following month, following the Israeli and American attacks.
G7 Pressure Announced
The new entries are in addition to the re-establishment of United Nations nuclear sanctions in September 2025. France, Germany and the United Kingdom had triggered the mechanism provided for in the agreement. Canada had adapted its regulations to implement UN resolutions the same month.
The decision presented this Tuesday uses Canada’s special economic sanctions regime. Anita Anand is part of the efforts of its G7 partners. Ottawa called on Iran to resume full cooperation with IAEA and return to negotiations. The Minister defends a comprehensive, verifiable and lasting agreement on Iran’s nuclear programme.
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