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The Treasury Department sanctions Banque Misr UAE for its financial ties to Iran's shadow banking network.

The Treasury Department announced on Friday that it will revoke the access of Banque Misr UAE to U.S. financial institutions. This action follows the launch of 'Operation Economic Outcast,' a sanctions campaign designed to sever Iran's global economic ties. Banque Misr UAE processed approximately $1.8 billion over the past two years for roughly 100 companies potentially linked to Iran's shadow banking network. Treasury Secretary Scott Bessent stated that the move is part of a broader strategy to isolate Iran economically. While President Trump described the sanctions campaign as the economic equivalent of D-Day, the administration's actions have remained modest in scope so far. Additionally, the Treasury blacklisted Iranian national Reza Mohammad Taeedi and sanctioned a Hong Kong entity, Kameng Trading Ltd., for laundering money for an Iranian exchange house. Despite a U.S. Navy blockade of the Strait of Hormuz, millions of barrels of Iranian oil remain in tankers in Asia waiting to discharge in China. Scott Bessent noted that no institution is above the reach of U.S. sanctions if they facilitate transactions for the Iranian ecosystem.

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