Treasury eyes sanctions on Banque Misr UAE for Iran ties

Key Points:

• The U.S. Treasury Department sanctioned the UAE branch of Egyptian bank Banque Misr for processing approximately $1.8 billion over two years for companies linked to Iran's shadow banking network, revoking its access to U.S. financial institutions.
• This move is part of "Operation Economic Outcast," a broader sanctions campaign launched by Treasury Secretary Scott Bessent aimed at severing Iran's global economic ties.
• Additional sanctions targeted Iranian national Reza Mohammad Taeedi, manager of Iran's Bank Melli Dubai branch, and Hong Kong-based Kameng Trading Ltd. for allegedly laundering money for an Iranian exchange house.
• Despite the sanctions, Iran's crude oil exports, especially to China, remain significant, with tankers loaded with Iranian oil waiting to offload in Asia amid U.S. naval blockades.
• Treasury officials warned that Chinese institutions facilitating Iranian oil transactions could also face sanctions, emphasizing that no entity is immune if involved in supporting Iran's economic activities.