The US Treasury Department accused Bank Refah of providing financial services to the Iranian Ministry of Defense and Armed Forces Logistics (MODAFL) and the Iran Aircraft Manufacturing Industrial Company (HESA).

In recent years Bank Refah has helped MODAFL obtain millions of dollars' worth of weapons-related purchases, the Treasury department said in a statement.

"These purchases included missiles and tanks and enabled Iran's leadership to maintain its fighter jets and submarines. Bank Refah also facilitated payments from HESA to businesses and individuals linked to Iran's weapons-related procurement," the department said.