US Targets Iranian Oil Revenue with New Sanctions

The US Treasury has imposed new sanctions on Banque Misr UAE's Emirates branch, accusing it of processing $1.8 billion for companies linked to Iran's shadow banking network.

This move comes as part of 'Operation Economic Outcast,' a campaign launched by Treasury Secretary Scott Bessent to sever all economic ties with Iran.

Iran is already under intense economic pressure, with its Central Bank saying oil exports have stopped and the rial has fallen to a record low. The IMF expects the economy to contract 6.1% this year.