US Treasury Hits Iran with New Sanctions on Currency Use

The US Treasury Department has imposed new sanctions on Iran, targeting the regime's use of US currency. The move is part of Operation Economic Outcast, a broader effort to sever financial lifelines sustaining the Islamic Revolutionary Guard Corps (IRGC). According to the Treasury, Banque Misr UAE processed approximately $1.8 billion for 103 companies potentially linked to Iranian shadow banking networks.

Treasury Secretary Scott Bessent said that the department has 'promised to sever every economic lifeline Tehran has left and finally end the threat of the Iranian regime.' The sanctions aim to restrict Iran's access to US dollars, which is used for laundering funds, procuring weapons, and bankrolling regional terrorist proxy groups.

Banque Misr UAE's correspondent banking access to US financial institutions will be revoked. However, the bank's head office in Cairo and other foreign branches, including Paris, Frankfurt, Riyadh, Beirut, and Djibouti, are not affected by this action.