The U.S. Treasury moved to sanction the United Arab Emirates branch of Egypt’s Banque Misr, saying it processed about $1.8 billion over the past two years for roughly 100 companies that are potentially part of Iran’s shadow banking network. Treasury intends to revoke Banque Misr UAE’s access to U.S. financial institutions, a step that would cut the branch off from transacting in dollars. The action came four days after Treasury Secretary Scott Bessent launched Operation Economic Outcast, a campaign to sever Iran’s international economic ties, and after Bessent said a major financial-institution announcement would arrive by week’s end. Treasury also blacklisted Iranian national Reza Mohammad Taeedi, general manager of the Dubai branch of Iran’s Bank Melli, and designated Hong Kong entity Kameng Trading Ltd. for allegedly acting as a front that launders money for an Iranian exchange house. Treasury Secretary Bessent warned that institutions facilitating Iranian oil proceeds or enabling repression will be targeted, and the department said the move aims to block channels that turn Iranian oil into revenue. The proposed sanction would remove dollar correspondent access for Banque Misr UAE and is part of broader steps to pressure Iran’s funding networks.
