USA tightens the noose on Iran: The bank to be cut off from the dollar system
The US Treasury Department is working to deny an Egyptian bank in the UAE access to the US financial system after it allegedly transferred $1.8 billion for Iran's "shadow banking" networks. Simultaneously, sanctions were imposed on an Iranian bank manager and a Hong Kong company.
The US Treasury Department announced today, Friday, another step in the "Economic Isolation" operation, designed to cut the Iranian regime off from the funding channels it still has.
The Financial Crimes Enforcement Network (FinCEN) has proposed denying Banque Misr UAE, the UAE branch of the Egyptian bank, access to correspondent accounts at US financial institutions.
According to the Treasury Department, between January 2024 and June 2026, the bank processed transactions totaling approximately $1.8 billion for 103 companies suspected of belonging to Iran's "shadow banking" networks.
Among its clients were, apparently, shell companies used by the Iranian Ministry of Defense and the Revolutionary Guards to bypass sanctions, purchase weapons, fund Iranian proxies, and launder money for Supreme Leader Mojtaba Khamenei.
"We warned that those who assist Iran will not be able to continue enjoying access to the dollar and the global financial system," said Treasury Secretary Scott Bessent. "The bank chose to learn this the hard way."
Simultaneously, the US imposed sanctions on Reza Mohammad Taidi, manager of the Dubai branch of Iran's Bank Melli, who, according to Washington, helped the Revolutionary Guards and the Quds Force transfer billions of dollars and fund Iranian proxies in the region.
Sanctions were also imposed on the Hong Kong-based company Kameng Trading Limited, which was accused of laundering money for an Iranian exchange house. The restrictions on Banque Misr UAE are still in the proposal stage and will be subject to public comment before being finalized.
State Department spokesperson Tommy Pigott stated that the "Economic Isolation" operation continues "at full strength" and that the new measures are intended to intensify the pressure campaign on Iran. According to him, Bank Melli served as a vital financial hub for Iran's armed forces, including the Revolutionary Guards' Quds Force and the Ministry of Defense and Armed Forces Logistics.
"While the regime prioritizes its malicious activities over the needs of its people, we will cut the economic lifelines that sustain it," said Pigott.
