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US cuts Banque Misr UAE from financial system over Iran sanctions

Al Mayadeen | August 28, 2026

The United States has cut Banque Misr’s UAE branch off from the US financial system over alleged violations of Washington’s sanctions on Iran, the US Department of the Treasury said Friday.

The move comes days after US Treasury Secretary Scott Bessent announced “Operation Economic Outcast”, a campaign aimed at isolating the Islamic Republic and countries accused of supporting it by targeting potential sources of revenue available to Tehran.

On Wednesday, Iranian Foreign Minister Abbas Araghchi sent a letter to the UN leadership and member states, calling on them to condemn what he described as an attempt at economic coercion.

Experts say the US move to cut Banque Misr’s UAE branch from the US financial system falls well short of the broader measures threatened by Treasury Secretary Scott Bessent under “Operation Economic Outcast,” limiting its impact to a single branch rather than imposing sanctions on the bank itself.

Banque Misr UAE targeted under US sanctions campaign

Under the latest measures, the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed revoking Banque Misr UAE’s access to correspondent banking services provided by US financial institutions.

“Under Operation Economic Outcast, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would revoke Banque Misr UAE’s correspondent banking access to U.S. financial institutions,” the Treasury said in a press release.

The department alleged that the UAE-based banking institution had worked with front companies used by Iran’s Ministry of Defense and the Islamic Revolution Guard Corps to circumvent US sanctions.

Treasury alleges Iran sanctions evasion

The Treasury also announced separate sanctions targeting Reza Mohammad Taeedi, manager of Bank Melli’s branch in Dubai, and Hong Kong-based Kameng Trading Limited.

According to the department, Taeedi and the trading company aided Iranian nationals who were already subject to US sanctions.

Iran vows no surrender

In response to Washington’s economic war, Iranian President Masoud Pezeshkian said Tuesday that economic pressure is an American strategy aimed at subjugating Iran and forcing it to surrender, as Tehran warned that any pressure targeting the Iranian people’s livelihoods and security would be treated as part of the war.

Pezeshkian made the remarks during a meeting with Iraqi Supreme Judicial Council President Faiq Zidan, saying Iran’s adversaries had recognized their inability to subdue the Iranian people militarily and had therefore shifted toward creating social and economic problems inside the country.

“Iran will not surrender,” Pezeshkian stressed, rejecting economic pressure as a means of forcing Tehran to submit.

August 28, 2026 - Posted by | Economics, Wars for Israel | , ,

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