US Treasury revokes 'critical node' of Iranian access to US dollars in latest Tehran sanctions

The US Treasury Department proposed revoking Banque Misr UAE's correspondent banking access to US financial institutions, calling it a "critical node" in Iran's access to US dollars. This action, part of "Operation Economic Outcast," aims to sever financial lifelines for the Islamic Revolutionary Guard Corps (IRGC). Treasury Secretary Scott Bessent stated, "We also warned that Iran's enablers cannot continue to enjoy access to the US dollar and the global financial system." The Treasury estimates Banque Misr UAE processed approximately $1.8 billion for companies potentially part of Iranian shadow banking networks, which Iran uses to launder funds and procure weapons. The action specifically targets Banque Misr's UAE branches, not its head office in Cairo or other foreign branches. Additionally, the Treasury sanctioned Bank Melli for facilitating transactions for the IRGC Qods Force and identified Reza Mohammad Taeedi, the general manager of Bank Melli's Dubai branch, as a Specially Designated Global Terrorist. Hong Kong-based Kameng Trading Limited was also sanctioned for aiding sanctioned Iranians.