Treasury Sanctions Banque Misr UAE Over $1.8 Billion in Iran Transactions
Updated
Updated · Financial Times · Aug 28
Treasury Sanctions Banque Misr UAE Over $1.8 Billion in Iran Transactions
3 articles · Updated · Financial Times · Aug 28
Summary
$1.8 billion in transactions over two years triggered a U.S. move to cut Banque Misr UAE off from American financial institutions, after Treasury said the branch handled payments for about 100 firms tied to Iran's shadow banking network.
The action is the first named bank target since Treasury launched Operation Economic Outcast four days ago, a campaign Scott Bessent said would sever Iran's economic links worldwide.
Friday's package also blacklisted Reza Mohammad Taeedi of Bank Melli's Dubai branch and Hong Kong-based Kameng Trading, which Treasury said laundered money for an Iranian exchange house.
Iran's oil income remains the broader focus: a U.S. naval blockade has curbed exports through Hormuz, but tankers carrying millions of barrels are still waiting to unload in China, which Bessent warned could face sanctions if its institutions facilitate payments.