▲ U.S. Treasury Secretary Scott Bessent
Marking the six-month mark since the start of the war with Iran on the 28th local time, the Donald Trump administration of the United States announced new sanctions targeting Iran-linked entities.
The Financial Crimes Enforcement Network (FinCEN), under the U.S. Department of Treasury, announced that it is cutting off the United Arab Emirates (UAE) branch of Banque Misr, Egypt's second-largest bank, from the U.S. financial system as part of its "maximum financial isolation operation" against Iran.
The Treasury Department stated, "We assess that Banque Misr UAE serves as a key channel for the Iranian regime to access U.S. dollars," adding, "It is estimated that Banque Misr UAE processed approximately $1.8 billion between January 2024 and June of this year for 103 companies likely belonging to Iran's shadow financial network."
The Treasury also reported that Banque Misr's clientele included overt front companies utilized by Iran's Ministry of Defense and the Islamic Revolutionary Guard Corps (IRGC) to evade U.S. sanctions and launder funds on behalf of Iranian Supreme Leader Mojtaba Khamenei.
U.S. Treasury Secretary Scott Bessent said, "We have warned that entities supporting Iran can no longer access the U.S. dollar and the global financial system," adding, "Banque Misr UAE chose to pursue aggressive methods, and today we are taking the first step to hold this bank accountable for its persistent and unjustified support of the Iranian regime."
In tandem, the Treasury's Office of Foreign Assets Control (OFAC) sanctioned the manager of Bank Melli Iran's Dubai branch in the UAE and Hong Kong-based Kameng Trading Limited.
※
Copying, redistribution, and unauthorized use in AI training are strictly prohibited.