WASHINGTON, Aug. 28 — The U.S. Treasury Department’s Financial Crimes Enforcement Network on Friday proposed a rule that would revoke Banque Misr UAE’s correspondent banking access to U.S. financial institutions as part of a new sanctions campaign targeting Iran.
“Treasury promised to sever every economic lifeline Tehran has left and finally end the threat of the Iranian regime,” said U.S. Treasury Secretary Scott Bessent, referring to the campaign dubbed “Operation Economic Outcast.”
“We also warned that Iran’s enablers cannot continue to enjoy access to the U.S. dollar and the global financial system,” Bessent said. “Banque Misr UAE decided to find out the hard way, and today, we are taking the first step in holding it accountable for its continued, egregious support of the Iranian regime.”
According to the department, Banque Misr UAE is “a critical node” for Iran’s access to U.S. dollars. Between January 2024 and June 2026, the bank processed approximately 1.8 billion dollars in transactions for 103 companies that the department said may be part of Iranian shadow banking networks.
The proposed action against the bank would cut off what the department described as a key financial lifeline and sanctions evasion vehicle for Iran.
Separately, the Treasury Department’s Office of Foreign Assets Control on Friday also sanctioned Iranian national Reza Mohammad Taeedi, general manager of Bank Melli’s Dubai branch, claiming that the bank had facilitated billions of dollars in transactions through accounts controlled by the Islamic Revolutionary Guard Corps’ Quds Force.
Bessent announced “Operation Economic Outcast” on Monday, saying the campaign was aimed at severing Iran’s remaining financial lifelines. He warned that any entity facilitating money laundering or sanctions evasion on behalf of Iran would be cut off from the U.S. financial system.
Iranian Foreign Minister Seyed Abbas Araghchi condemned the U.S. campaign as “economic terrorism” and called on the United Nations to denounce the U.S. actions.(Namibia Daily News / Xinhua)
