US expands 'Operation Economic Outcast' sanctions against Iran

The US State Department has announced additional sanctions under its "Operation Economic Outcast" initiative targeting financial channels allegedly facilitating Iran's access to the global financial system and US dollar. Spokesperson Tommy Pigott reiterated that the US is maintaining the operation at full strength, imposing sanctions on Reza Mohammad Tayidi, the Dubai-based branch manager of Bank Melli Iran.

Bank Melli has served as a crucial financial hub for Iran's armed forces, including the Islamic Revolutionary Guard Corps Quds Force and the Ministry of Defense and Armed Forces Logistics, all of which face US sanctions. Furthermore, the US has sanctioned a Hong Kong-based company for aiding sanctioned Iranian individuals and entities in accessing international financial systems.

The Treasury Department's FinCEN proposed a rule that would strip the UAE branch of Banque Misr of the ability to access US financial institutions, deeming it a vital conduit for the Iranian regime's access to US dollars. These actions form part of the ongoing "Operation Economic Outcast," with Washington escalating punitive and regulatory measures against financial channels connected to Iran.