US Targets Another Bank in Economic War on Iran

US Operation Economic Outcast continues to expand its campaign against Iranian financial institutions. Treasury Secretary Scott Bessent announced that another bank will be sanctioned this week, as part of the effort to sever Iran's economic lifelines.

The planned action follows a proposal by FinCEN targeting Banque Misr UAE, which processed approximately $1.8 billion between January 2024 and June 2026 for 103 companies potentially connected to Iranian shadow banking networks.

Banque Misr UAE customers included apparent front companies used by Iran's Ministry of Defense and the Islamic Revolutionary Guard Corps to evade US sanctions and launder money for Iranian Supreme Leader Mojtaba Khamenei, according to the Treasury.

The campaign targets not only traditional banks but also digital asset networks, with over $100 million in cryptocurrency allegedly processed for oil sales supporting Iran's military and affiliated groups. The Treasury has seized approximately $1 billion in Iran-linked cryptocurrency since May, Bessent stated.