US Launches 'Economic Warfare' Against Iran with New Sanctions
The US Treasury Department has imposed new economic sanctions on Iran as part of its 'Operation Economic Outcast' campaign. The move targets Banque Misr UAE, which is accused of facilitating over $1.8 billion in transactions for companies linked to Iranian shadow banking networks.
US Treasury Secretary Scott Bessent said the action aims to sever Iran's remaining financial lifelines and cut off access to US dollars and the global financial system.
Banque Misr UAE is described as a 'critical node' in Iran's access to US funds, with transactions processed between January 2024 and June 2026 for companies suspected of being part of Iranian shadow banking networks.
The sanctions also target Iranian national Reza Mohammad Taeedi, general manager of Bank Melli's Dubai branch, who is accused of facilitating billions of dollars in transactions through accounts controlled by the Islamic Revolutionary Guard Corps' Quds Force.