US Treasury revokes 'critical node' of Iranian access to US dollars in latest Tehran sanctions
The new sanctions come two days after the Treasury cracked down on what it called “far-left terrorist networks.”
The US Treasury Department announced on Friday that it plans to revoke Banque Misr UAE's ability to conduct business with US financial institutions, deeming the bank a "critical node" in the Iranian regime's access to US dollars. This move is part of Operation Economic Outcast, a broader strategy by the US to eliminate the remaining "financial lifelines" supporting the Islamic Revolutionary Guard Corps (IRGC).
Treasury Secretary Scott Bessent stated that the department has pledged to cut all economic ties to Iran and put an end to the regime's threats. The US Treasury estimates that Banque Misr UAE facilitated "approximately $1.8 billion in transactions for 103 companies potentially linked to Iran's shadow banking networks," which have become crucial for Iran following direct sanctions imposed by the US.
These shadow networks enable Iran to bypass US dollar controls, facilitating activities such as laundering funds, procuring weapons, and supporting regional terrorist groups. Banque Misr UAE, one of Egypt's oldest and largest banks, specializes in facilitating trade between Egypt and the UAE and serving Egyptian expatriates in the Gulf.
The bank's customers, according to the US Treasury, include companies associated with Iran's Ministry of Defense, the IRGC, and Supreme Leader Mojtaba Khamenei. Banque Misr's UAE branches will be affected by the US sanctions, while its head office in Cairo and other foreign branches, such as Paris, Frankfurt, Riyadh, Beirut, and Djibouti, will continue to engage in dollar transactions.
Egypt's Central Bank confirmed that the US actions only impact Banque Misr's UAE branches and do not extend to other Egyptian banks. The Treasury also imposed sanctions on Bank Melli, alleging its involvement in facilitating billions of dollars in transactions through accounts controlled by the IRGC-QF and allowing the IRGC-QF and its parent organization, the IRGC, to move funds within and outside Iran.
Additionally, Kameng Trading Limited, a Hong Kong-based firm, was sanctioned for assisting sanctioned Iranians in accessing the international financial system. These sanctions follow a recent crackdown on far-left terrorist networks, including Italy's Autistici Inventati and Palestine Action, as well as the Masar Badil group. The US identifies far-left terrorist groups as one of the three major current threats to national security, with Treasury Secretary Bessent warning that these organizations will face the full force of economic sanctions until they are dismantled.
Written by urgent.news from Jerusalem Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
