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Treasury Sanctions Banques Misr UAE, Cutting Iran Links

8/29/2026

Summary

Story summary

U.S. Treasury Secretary Scott Bessent announced sanctions revoking U.S. access for Banque Misr UAE.
Banque Misr UAE processed $1.8 billion for 100 firms tied to Iran’s shadow banking.
Four days earlier Bessent launched Operation Economic Outcast to cut Iran’s global economic links.
Treasury blacklisted Iranian Reza Mohammad Taeedi, general manager of Bank Melli’s Dubai branch.
Treasury sanctioned Hong Kong’s Kameng Trading for allegedly laundering money for an Iranian exchange.

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Story summary

U.S. Treasury Secretary Scott Bessent announced sanctions revoking U.S. access for Banque Misr UAE.
Banque Misr UAE processed $1.8 billion for 100 firms tied to Iran’s shadow banking.
Four days earlier Bessent launched Operation Economic Outcast to cut Iran’s global economic links.
Treasury blacklisted Iranian Reza Mohammad Taeedi, general manager of Bank Melli’s Dubai branch.
Treasury sanctioned Hong Kong’s Kameng Trading for allegedly laundering money for an Iranian exchange.